Centro NP 8-K New Plan Excel Realty Trust Reports Fourth Quarter and Year-end 2004 Results

Exhibit 99.2

SUPPLEMENTAL DISCLOSURE

Quarter Ended December 31, 2004

Certain statements in this Supplemental Disclosure that are not historical fact may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results of the Company to differ materially from historical results or from any results expressed or implied by such forward-looking statements, including without limitation: national and local economic, business, real estate and other market conditions; the competitive environment in which the Company operates; financing risks; possible future downgrades in our credit ratings; property ownership / management risks; the level and volatility of interest rates and changes in capitalization rates with respect to the acquisition and disposition of properties; financial stability of tenants; the Company’s ability to maintain its status as a REIT for federal income tax purposes; acquisition, disposition, development and joint venture risks, including risks that developments and redevelopments are not completed on time or on budget and strategies, actions and performance of affiliates that the Company may not control; potential environmental and other liabilities; and other factors affecting the real estate industry generally. The Company refers you to the documents filed by the Company from time to time with the Securities and Exchange Commission, specifically the section titled “Business-Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2004, which discuss these and other factors that could adversely affect the Company’s results.

Table of Contents

Fourth Quarter Review / Shareholder Information
Financial Review
	Balance Sheets
	Income Statements
	Funds from Operations / Capital Expenditures
	Selected Financial Ratios / Data
	Reconciliation of Selected Non-GAAP Financial Information to Most Directly Comparable GAAP Financial Measure
	Summary of Outstanding Debt
	Debt Maturity Schedule / Debt Covenant Compliance Ratios
Activity Review
	2004 Acquisitions
	2004 Dispositions and Transfers To Joint Ventures
	Current Redevelopment / Outparcel Development / New Development Activities
Portfolio Review
	Property Type Summary
	Properties by State / Region
	Same Property NOI Analysis
	Top Ten Tenants
	New Lease Summary
	Lease Expiration Schedule
	Property Portfolio
Appendix
	Summary of Joint Venture Projects
	Joint Venture Projects - Acquisition Activity
	Joint Venture Projects - Disposition Activity

Fourth Quarter Review / Shareholder Information

New Plan Excel Realty Trust, Inc. is one of the nation’s largest real estate companies, focusing on the ownership and management of community and neighborhood shopping centers.  The Company operates as a self-administered and self-managed REIT, with a national portfolio of 404 properties, including 26 properties held through joint ventures, and total assets of approximately $3.8 billion.  Its properties are strategically located across 35 states and include 384 community and neighborhood shopping centers, primarily grocery or name-brand discount chain anchored, with approximately 56.0 million square feet of gross leasable area, and 20 related retail real estate assets, with approximately 1.8 million square feet of gross leasable area.

Fourth Quarter Review

Activity Review

•During the fourth quarter of 2004, the Company acquired, including through co-investments with its joint venture partners, four shopping centers.  The shopping centers totaled approximately 587,000 square feet of gross leasable area and were acquired for an aggregate purchase price of approximately $89.7 million.  During 2004, the Company acquired, including through co-investments with its joint venture partners, an aggregate of 18 shopping centers, the remaining 50 percent interests in two shopping centers in which the Company owned the other 50 percent interests, and two land parcels for an aggregate purchase price of approximately $434.5 million.  The shopping centers totaled approximately 3.5 million square feet of gross leasable area and the land parcels totaled approximately 24 acres.  Acquisitions completed during the fourth quarter are summarized below:

•On October 8, 2004, NP/I&G Institutional Retail Company, LLC, the Company’s joint venture with JPMorgan Fleming Asset Management, acquired Riverplace Shopping Center, a 257,912 square foot shopping center located in Jacksonville, Florida and anchored by Bealls, Sears, Stein Mart and T.J. Maxx, for $34.3 million.

•On November 22, 2004, NP/I&G Institutional Retail Company, LLC acquired Skytop Pavilion, a 133,631 square foot shopping center located in Cincinnati, Ohio and anchored by bigg’s (a subsidiary of SUPERVALU), for approximately $20.3 million.

•On November 23, 2004, the Company acquired Silver Pointe Shopping Center, an 86,141 square foot shopping center located in Fenton, Michigan and anchored by Sears, for approximately $10.2 million, including approximately $7.2 million of assumed mortgage indebtedness.  The property is adjacent to Silver Lake, a neighborhood shopping center also owned by the Company.

•On December 10, 2004, the Company acquired The Shoppes at Southside, a 109,113 square foot shopping center located in Jacksonville, Florida and anchored by Best Buy, David’s Bridal and Sports Authority, for approximately $25.0 million.

2

•During the fourth quarter of 2004, the Company generated an aggregate of approximately $9.7 million of proceeds through the sale of three properties.  Properties sold during the quarter include Glengary Shopping Center, a 105,601 square foot shopping center located in Westerville, Ohio; Old Egypt, a 14,490 square foot single tenant building located in Magnolia, Texas; and a 3,800 square foot single tenant Hardee’s located in Hanover, Pennsylvania.  During 2004, the Company generated an aggregate of approximately $62.2 million of proceeds through the culling of non-core and non-strategic properties, the disposition of certain properties held through joint ventures and the transfer of one property to a joint venture.

Portfolio Review

•At the end of the fourth quarter, the gross leasable area (GLA) for the Company’s total stabilized community and neighborhood shopping centers, including its pro rata share of joint venture projects, was approximately 93.4 percent leased.  The GLA for the Company’s total portfolio, including its pro rata share of joint venture projects (Total Portfolio), was approximately 91.7 percent leased at December 31, 2004.  The average annual base rent (ABR) at December 31, 2004 for the total portfolio was $8.25 per leased square foot.

•During the fourth quarter, 172 new leases, aggregating approximately 947,000 square feet, were signed at an average ABR of $9.94 per square foot.  Also during the quarter, 229 renewal leases, aggregating approximately 1.1 million square feet, were signed at an average ABR of $8.89 per square foot, an increase of approximately 9.2 percent over the expiring leases.  During 2004, the Company executed a total of 1,449 new and renewal leases aggregating approximately 7.3 million square feet, including 653 new leases, totaling approximately 3.9 million square feet, which were signed at an average ABR of $9.33 per square foot and 796 renewal leases, totaling approximately 3.4 million square feet, which were signed at an average ABR of $9.68 per square foot, an increase of approximately 7.4 percent over the expiring leases.

Other Events

•On December 13, 2004, the Company completed the move of its corporate headquarters to 420 Lexington Avenue, New York, New York 10170.  The Company’s phone number (212-869-3000) and fax number (212-869-3989) remain the same.

Subsequent Events

•On January 13, 2005, the Company completed a public offering of $100 million aggregate principal amount of unsecured, 10-year fixed rate notes with a coupon of 5.30 percent.  The notes are due on January 15, 2015 and were priced at 99.930 percent of par value to yield 5.309 percent.  Net proceeds from the offering were used to repay a portion of the borrowings under the Company’s $350 million revolving credit facility.

3

Shareholder Information

Corporate Headquarters

New Plan Excel Realty Trust, Inc.

420 Lexington Avenue

New York, NY  10170

Phone:  212-869-3000

Fax:  212-869-3989

www.newplan.com

Exchange Listing

New York Stock Exchange

Common stock:  NXL

Series E preferred stock:  NXLprE

Senior Unsecured Debt Ratings

Fitch:  BBB+

Moody’s:  Baa2

Standard & Poor’s:  BBB

Quarterly Results

The Company expects to announce quarterly results as follows:

First quarter 2005: May 5, 2005

Second quarter 2005: August 4, 2005

Third quarter 2005: October 27, 2005

Transfer Agent and Registrar

Questions about dividend payments, shareholder accounts, replacement or lost certificates, stock transfers and name or address changes should be directed to:

EquiServe Trust Company, N.A.

P.O. Box 43010

Providence, RI  02940

Phone:  800-730-6001

www.equiserve.com

Corporate Communications Department

Shareholders seeking financial and operating information may contact:

Stacy Lipschitz-Slater

Senior Vice President - Corporate Communications

Phone:  212-869-3000

Fax:  212-869-3989

E-mail:   corporatecommunications@newplan.com

The unaudited financial information included in this Supplemental Disclosure is only a summary of more detailed financial information included in the Company’s Quarterly Reports on Form 10-Q and Annual Report on Form 10-K, which documents are filed with the Securities and Exchange Commission.  For a more complete presentation and analysis of the Company’s financial information, please read these reports.  These reports are available on the SEC’s Internet website at www.sec.gov.  In addition, these reports are available on the Company’s Internet website at www.newplan.com, under Investor Information; Financial Reports.

4

New Plan Excel Realty Trust, Inc.

Supplemental Disclosure - Quarter Ended December 31, 2004

Balance Sheets

(Unaudited, in thousands)

	As Of
	12/31/04			09/30/04			06/30/04			03/31/04			12/31/03
Assets:
Land	$	897,411		$	889,054		$	871,903		$	860,902		$	832,479
Buildings and improvements	3,090,779			3,040,710			2,965,010			2,905,433			2,822,138
Less: accumulated depreciation and amortization	(428,427		)	(410,487		)	(397,661		)	(374,243		)	(360,580		)
Net real estate	3,559,763			3,519,277			3,439,252			3,392,092			3,294,037
Real estate held for sale	20,835			6,696			15,088			49,666			17,668
Cash and cash equivalents	7,292			8,980			12,524			12,012			5,328
Restricted cash (1)	22,379			21,788			16,611			16,940			23,463
Marketable securities	3,433			3,084			2,756			3,038			2,915
Receivables
Trade, net of allowance for doubtful accounts of (December 31, 2004- $24,239, September 30, 2004- $21,286, June 30, 2004- $17,329, March 31, 2004- $17,346, December 31, 2003- $16,950)	31,043			31,443			37,279			39,929			42,713
Deferred rent, net of allowance of (December 31, 2004- $3,548, September 30, 2004- $4,085, June 30, 2004- $4,562, March 31, 2004- $5,128, December 31, 2003- $5,445)	31,931			29,947			28,020			26,258			24,806
Other	18,627			19,129			19,482			14,518			12,530
Mortgages and notes receivable (2)	8,881			9,406			950			974			39,637
Prepaid expenses and deferred charges	47,646			45,805			45,699			37,929			35,320
Investments in / advances to unconsolidated ventures (3)	31,888			28,510			28,523			38,615			38,958
Intangible assets, net of accumulated amortization of (December 31, 2004- $3,467, September 30, 2004- $2,299, June 30, 2004- $898, March 31, 2004- $152, December 31, 2003- $0) (4)	32,085			32,157			29,414			30,144			3,201
Other assets (5)	15,939			20,742			21,173			23,036			18,020
TOTAL ASSETS	$	3,831,742		$	3,776,964		$	3,696,771		$	3,685,151		$	3,558,596
Liabilities:
Mortgages payable, including unamortized premium of (December 31, 2004- $20,400, September 30, 2004- $15,623, June 30, 2004- $15,210, March 31, 2004- $15,990, December 31, 2003- $16,965)	$	551,522		$	581,190		$	553,122		$	578,622		$	558,278
Notes payable, net of unamortized discount of (December 31, 2004- $4,723, September 30, 2004- $4,961, June 30, 2004- $5,199, March 31, 2004- $3,834, December 31, 2003- $3,116)	970,563			1,045,930			1,043,753			1,050,346			898,164
Credit facilities	446,000			268,000			281,000			221,000			291,000
Capital leases	28,234			28,318			28,401			28,482			28,562
Dividends payable	47,698			47,568			46,622			46,538			45,695
Other liabilities (6)	105,269			116,305			92,321			103,151			102,793
Tenant security deposits	11,511			11,068			10,675			10,412			10,096
TOTAL LIABILITIES	2,160,797			2,098,379			2,055,894			2,038,551			1,934,588
Minority interest in consolidated partnership and joint ventures	30,784			33,294			23,973			23,788			37,865
Stockholders’ equity:
Preferred stock	10			10			10			10			10
Common stock	1,028			1,208			1,002			1,000			979
Additional paid-in capital	2,005,977			1,999,182			1,944,150			1,938,862			1,889,338
Accumulated other comprehensive income	(5,031		)	(5,016		)	4,256			449			2,785
Less: accumulated distributions in excess of net income	(361,823		)	(350,093		)	(332,514		)	(317,509		)	(306,969		)
TOTAL STOCKHOLDERS’ EQUITY	1,640,161			1,645,291			1,616,904			1,622,812			1,586,143
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	3,831,742		$	3,776,964		$	3,696,771		$	3,685,151		$	3,558,596

(1) Consists primarily of cash held in escrow accounts as required by certain loan agreements.

(2) Balances as of December 31, 2004 and September 30, 2004 include an approximately $8.0 million and $8.5 million purchase money note, respectively, issued in connection with the sale of Factory Merchants Barstow.  Balance as of December 31, 2003 includes a $26.4 million mortgage loan made to NP/I&G Institutional Retail Company, LLC, a joint venture in which the Company has an interest, issued in connection with the joint venture’s acquisition of DSW Plaza at Lake Grove on November 25, 2003.  Also includes a $12.2 million mortgage loan made to First Westport Properties on June 18, 2003 in connection with First Westport Properties’ acquisition of New Britain Village Square. These loans were repaid in full during the first quarter of 2004.

(3) Represents direct equity investments in Arapahoe Crossings, LP, CA New Plan Venture Fund, NP/I&G Institutional Retail Company, LLC, The Centre at Preston Ridge and undeveloped land parcels in Frisco, Texas.

(4) Represents the value of intangible assets allocated in accordance with SFAS 141.

(5) Other assets include: deposits, real estate tax escrow and furniture and fixtures.

(6) Other liabilities include: amounts payable for real estate taxes, interest, payroll and normal vendor payables.

Certain prior period amounts have been reclassified to conform with the current period presentation.

The above does not purport to disclose all items required under GAAP.

The Company’s Form 10-K for the year ended December 31, 2004 and Form 10-Q for the quarters ended March 31, 2004, June 30, 2004 and September 30, 2004 should be read in conjunction with the above information.

5

New Plan Excel Realty Trust, Inc.

Supplemental Disclosure - Quarter Ended December 31, 2004

Income Statements

(Unaudited, in thousands, except per share amounts)

	Three Months Ended																								Twelve Months Ended
	12/31/04			09/30/04			06/30/04			03/31/04			12/31/03			09/30/03			06/30/03			03/31/03			12/31/04			12/31/03
Rental Revenues:
Rental income	$	100,844		$	97,647		$	95,646		$	95,373		$	90,851		$	91,973		$	91,017		$	90,818		$	389,510		$	364,659
Percentage rents	1,210			1,359			1,418			2,626			2,151			1,260			1,881			1,651			6,613			6,943
Expense reimbursements	25,683			23,198			24,579			25,954			24,933			23,017			25,595			25,521			99,414			99,066
TOTAL RENTAL REVENUES	127,737			122,204			121,643			123,953			117,935			116,250			118,493			117,990			495,537			470,668
Rental Operating Expenses:
Operating costs	23,831			19,469			19,387			23,570			23,295			20,919			22,468			22,359			86,257			89,041
Real estate and other taxes	15,710			16,139			15,017			14,976			14,876			14,314			14,377			15,266			61,842			58,833
Provision for doubtful accounts	2,961			2,823			2,467			1,853			2,600			1,460			1,783			1,786			10,104			7,629
TOTAL RENTAL OPERATING EXPENSES	42,502			38,431			36,871			40,399			40,771			36,693			38,628			39,411			158,203			155,503
NET OPERATING INCOME	85,235			83,773			84,772			83,554			77,164			79,557			79,865			78,579			337,334			315,165
Other Income:
Interest, dividend and other income	1,767			2,175			1,849			2,538			2,016			2,112			1,931			3,360			8,329			9,419
Equity in income of unconsolidated ventures	410			314			559			230			1,005			772			1,188			473			1,513			3,438
TOTAL OTHER INCOME	2,177			2,489			2,408			2,768			3,021			2,884			3,119			3,833			9,842			12,857
Other Expenses:
Interest expense	26,967			26,150			26,536			26,401			25,015			25,764			24,849			26,001			106,054			101,629
Depreciation and amortization	23,696			23,293			21,522			20,883			19,580			19,640			18,400			18,493			89,394			76,113
General and administrative	4,744			4,484			5,173			4,993			5,089			6,293			4,204			4,230			19,394			19,816
TOTAL OTHER EXPENSES	55,407			53,927			53,231			52,277			49,684			51,697			47,453			48,724			214,842			197,558
Income before real estate sales, impairment of real estate and minority interest	32,005			32,335			33,949			34,045			30,501			30,744			35,531			33,688			132,334			130,464
Gain on sale of real estate (1)	—			—			—			1,217			—			—			—			—			1,217			—
Impairment of real estate	—			—			(43		)	—			(2,412		)	—			(1,124		)	—			(43		)	(3,536		)
Minority interest in income of consolidated partnership and joint ventures	86			(203		)	(476		)	(260		)	(385		)	(394		)	(375		)	(401		)	(853		)	(1,555		)
INCOME FROM CONTINUING OPERATIONS	32,091			32,132			33,430			35,002			27,704			30,350			34,032			33,287			132,655			125,373
Discontinued Operations:
Results of discontinued operations	586			490			456			980			1,274			1,572			1,864			1,873			2,512			6,583
Gain (loss) on sale of discontinued operations (2)	1,509			(3,093		)	(970		)	1,415			615			(163		)	83			3,483			(1,139		)	4,018
Impairment of real estate held for sale	—			(88		)	—			—			—			(48		)	(3,451		)	(3,454		)	(88		)	(6,953		)
INCOME (LOSS) FROM DISCONTINUED OPERATIONS	2,095			(2,691		)	(514		)	2,395			1,889			1,361			(1,504		)	1,902			1,285			3,648
NET INCOME	$	34,186		$	29,441		$	32,916		$	37,397		$	29,593		$	31,711		$	32,528		$	35,189		$	133,940		$	129,021
Preferred dividends	(5,462		)	(5,458		)	(5,275		)	(5,275		)	(5,279		)	(5,279		)	(5,753		)	(4,859		)	(21,470		)	(21,170		)
Premium on redemption of preferred stock	—			—			—			—			—			—			(630		)	—			—			(630		)
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS – BASIC	28,724			23,983			27,641			32,122			24,314			26,432			26,145			30,330			112,470			107,221
Minority interest in income of consolidated partnership	44			206			286			260			385			394			375			401			796			1,555
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS – DILUTED	$	28,768		$	24,189		$	27,927		$	32,382		$	24,699		$	26,826		$	26,520		$	30,731		$	113,266		$	108,776
NET INCOME PER COMMON SHARE – BASIC	$	0.28		$	0.24		$	0.28		$	0.32		$	0.25		$	0.27		$	0.27		$	0.31		$	1.11		$	1.10
NET INCOME PER COMMON SHARE – DILUTED	0.27			0.23			0.27			0.32			0.24			0.27			0.27			0.31			1.10			1.08
Weighted average common shares outstanding - basic	102,684			101,255			100,159			99,419			97,758			97,455			97,112			96,937			100,894			97,318
ERP partnership units	1,651			1,405			1,239			1,363			2,178			2,178			2,178			2,178			1,394			2,178
Options	1,117			998			874			1,226			1,044			872			663			487			1,057			773
Weighted average common shares outstanding - diluted	105,452			103,658			102,272			102,008			100,980			100,505			99,953			99,602			103,345			100,269

(1) For the three months ended March 31, 2004 and the twelve months ended December 31, 2004, balances includes approximately $1.217 million of previously deferred gain incurred in connection with the Company’s sale of 70 percent of its interest in Arapahoe Crossings, LP in 2003.

(2) For the three months ended June 30, 2004 and the twelve months ended December 31, 2004, balances includes approximately $3.876 million of previously deferred gain incurred in connection with the Company’s sale of 21.5 acres of land at The Mall at 163rd Street in 2003.

The above does not purport to disclose all items required under GAAP.

The Company’s Form 10-K for the year ended December 31, 2004 and Form 10-Q for the quarters ended March 31, 2004, June 30, 2004 and September 30, 2004 should be read in conjunction with the above information.

6

New Plan Excel Realty Trust, Inc.

Supplemental Disclosure - Quarter Ended December 31, 2004

Funds from Operations / Capital Expenditures

(In thousands, except per share amounts)

	Three Months Ended																																Twelve Months Ended
	12/31/04				09/30/04				06/30/04				03/31/04				12/31/03				09/30/03				06/30/03				03/31/03				12/31/04				12/31/03
Funds from Operations: (1)
Net income available to common stockholders - diluted	$		28,768		$		24,189		$		27,927		$		32,382		$		24,699		$		26,826		$		26,520		$		30,731		$		113,266		$		108,776
Deduct:
Minority interest in income of consolidated partnership	(44			)	(206			)	(286			)	(260			)	(385			)	(394			)	(375			)	(401			)	(796			)	(1,555			)
Net income available to common stockholders - basic	28,724				23,983				27,641				32,122				24,314				26,432				26,145				30,330				112,470				107,221
Add:
Depreciation and amortization
Continuing operations real estate assets	23,696				23,293				21,522				20,883				19,580				19,640				18,400				18,493				89,394				76,113
Discontinued operations real estate assets	165				267				371				381				382				451				541				625				1,184				2,000
Pro rata share of joint venture real estate assets	493				495				268				373				300				253				209				254				1,629				1,016
Deduct:
Gain on sale of real estate (2) (3)	—				—				—				(1,217			)	—				—				—				—				(1,217			)	—
(Gain) loss on sale of discontinued operations (2)	(1,509			)	3,169				4,909				(947			)	(615			)	163				(83			)	(1,000			)	5,622				(1,534			)
Pro rata share of joint venture loss (gain) on sale of real estate (2)	—				12				(4			)	425				—				(39			)	(604			)	—				433				(643			)
FUNDS FROM OPERATIONS – BASIC	51,569				51,219				54,708				52,020				43,961				46,900				44,608				48,702				209,515				184,173
Add:
Minority interest in income of consolidated partnership	44				206				286				260				385				394				375				401				796				1,555
FUNDS FROM OPERATIONS – DILUTED	$		51,613		$		51,425		$		54,994		$		52,280		$		44,346		$		47,294		$		44,983		$		49,103		$		210,311		$		185,728
FUNDS FROM OPERATIONS PER SHARE – BASIC	$	0.50			$	0.51			$	0.55			$	0.52			$	0.45			$	0.48			$	0.46			$	0.50			$	2.08			$	1.89
FUNDS FROM OPERATIONS PER SHARE – DILUTED	0.49				0.50				0.54				0.51				0.44				0.47				0.45				0.49				2.04				1.85
Funds from operations - diluted	$		51,613		$		51,425		$		54,994		$		52,280		$		44,346		$		47,294		$		44,983		$		49,103		$		210,311		$		185,728
Add:
Impairment of real estate	—				—				43				—				2,412				—				1,124				—				43				3,536
Impairment of real estate held for sale	—				88				—				—				—				48				3,451				3,454				88				6,953
Premium on redemption of preferred stock	—				—				—				—				—				—				630				—				—				630
FUNDS FROM OPERATIONS – DILUTED (prior calculation)	$		51,613		$		51,513		$		55,037		$		52,280		$		46,758		$		47,342		$		50,188		$		52,557		$		210,442		$		196,847
FUNDS FROM OPERATIONS PER SHARE – DILUTED (prior calculation)	$		0.49		$		0.50		$		0.54		$		0.51		$		0.46		$		0.47		$		0.50		$		0.53		$		2.04		$		1.96
Weighted average common shares outstanding – basic	102,684				101,255				100,159				99,419				97,758				97,455				97,112				96,937				100,894				97,318
ERP partnership units	1,651				1,405				1,239				1,363				2,178				2,178				2,178				2,178				1,394				2,178
Options	1,117				998				874				1,226				1,044				872				663				487				1,057				773
Weighted average common shares outstanding - diluted	105,452				103,658				102,272				102,008				100,980				100,505				99,953				99,602				103,345				100,269
Dividend per Common share	$		0.41250		$	0.41250			$	0.41250			$	0.41250			$	0.41250			$	0.41250			$	0.41250			$	0.41250			$	1.65000			$	1.65000
Dividend per Preferred B share (4)	—				—				—				—				—				—				0.20968				0.53906				—				0.74874
Dividend per Preferred D share	0.97500				0.97500				0.97500				0.97500				0.97500				0.97500				0.97500				0.97500				3.90000				3.90000
Dividend per Preferred E share	0.47656				0.47656				0.47656				0.47656				0.47656				0.47656				0.37066				—				1.90624				1.32378
Common dividends	$		42,419		$		42,295		$		41,347		$		41,263		$		40,417		$		40,258		$		40,133		$		40,034		$	167,286			$	160,842
Preferred B dividends (4)	—				—				—				—				—				—				1,321				3,396				—				4,717
Preferred D dividends (5)	1,650				1,646				1,463				1,463				1,463				1,463				1,463				1,463				6,222				5,852
Preferred E dividends	3,812				3,812				3,812				3,812				3,816				3,816				2,969				—				15,248				10,601
TOTAL DISTRIBUTIONS	$		47,881		$		47,753		$		46,622		$		46,538		$		45,696		$		45,537		$		45,886		$		44,893		$		188,756		$		182,012

7

	Three Months Ended																Twelve Months Ended
	12/31/04		09/30/04		06/30/04		03/31/04		12/31/03		09/30/03		06/30/03		03/31/03		12/31/04		12/31/03
Capital Expenditures (6):
New development	$	610	$	937	$	218	$	—	$	—	$	—	$	—	$	—	$	1,765	$	—
Building additions and expansions (7)	32,355		24,017		18,299		22,311		19,218		15,421		14,421		8,550		98,981		57,610
Building improvements capitalized (8)	3,079		4,332		3,763		908		4,241		2,631		2,132		1,253		12,082		10,257
Tenant improvements	1,810		2,068		2,838		3,735		1,748		4,361		2,644		3,233		10,451		11,986
Leasing commissions	1,831		2,218		1,471		2,697		910		3,800		1,801		852		8,217		7,363
TOTAL CAPITAL EXPENDITURES	$	39,685	$	33,572	$	26,589	$	29,651	$	26,117	$	26,213	$	20,998	$	13,888	$	131,496	$	87,216
Straight line rents (6)	$	2,050	$	2,194	$	1,449	$	1,896	$	600	$	1,376	$	1,732	$	1,512	$	7,643	$	5,220
Capitalized interest (6)	$	1,833	$	1,587	$	1,748	$	1,268	$	1,182	$	1,121	$	957	$	1,007	$	6,436	$	4,267

(1) Funds from Operations (“FFO”) is a widely used performance measure for real estate companies and is provided here as a supplemental measure of operating performance.  The Company calculates FFO in accordance with the best practices described in the April 2002 National Policy Bulletin of the National Association of Real Estate Investment Trusts (the “White Paper”).  The White Paper defines FFO as net income (computed in accordance with generally accepted accounting principles (“GAAP”)), excluding gains (or losses) from sales of property, plus depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures.

On October 1, 2003, the National Association of Real Estate Investment Trusts (“NAREIT”), based on discussions with the Securities and Exchange Commission (“SEC”), provided revised guidance regarding the calculation of FFO.  This revised guidance provides that impairments should not be added back to net income in calculating FFO and that original issuance costs associated with preferred stock that has been redeemed should be factored into the calculation of FFO.  Prior to this pronouncement, the Company had added back impairments in calculating FFO, in accordance with prior NAREIT guidance, and had not factored in original issuance costs of preferred stock that had been redeemed in the calculation of FFO.  The Company presents FFO in accordance with NAREIT’s revised guidance.  To assist investors in understanding the impact of these changes, the Company also is presenting FFO in accordance with the methodology historically used by the Company (“prior calculation”).

Given the nature of the Company’s business as a real estate owner and operator, the Company believes that FFO is helpful to investors as a starting point in measuring its operational performance because it excludes various items included in net income that do not relate  to or are not indicative of its operating performance such as gains (or losses) from sales of property and depreciation and amortization, which can make periodic and peer analyses of operating performance more difficult to compare.  The Company also believes that the presentation of FFO consistent with the guidance that was in effect until October 1, 2003 is further helpful to investors because it assists investors in evaluating the Company’s historical operational performance and because it excludes other items included in the revised calculation of FFO such as impairments which also do not relate to and are not indicative of the Company’s operating performance.  FFO should not, however, be considered as an alternative to net income (determined in accordance with GAAP) as an indicator of the Company’s financial performance, is not an alternative to cash flow from operating activities (determined in accordance with GAAP) as a measure of the Company’s liquidity, and is not indicative of funds available to fund the Company’s cash needs, including its ability to make distributions.  In addition, the Company’s computation of FFO may differ in certain respects from the methodology utilized by other REITs to calculate FFO and, therefore, may not be comparable to such other REITs.

(2) Excludes gain / loss on sale of land.

(3) For the three months ended March 31, 2004 and the twelve months ended December 31, 2004, balances includes approximately $1.217 million of previously deferred gain incurred in connection with the Company’s sale of 70 percent of its interest in Arapahoe Crossings, LP in 2003.

(4) On May 5, 2003, the Company redeemed all Preferred B shares outstanding at a price of $25.00 per depositary share.

(5) Preferred D dividends for the three months ended September 30, 2004 and December 31, 2004 and for the twelve months ended December 31, 2004 include non-cash adjustments to account for the “step-up” of the dividend rate beginning in October 2012.

(6) Data for 2004 includes the Company’s pro rata share of joint venture projects.

(7) Revenue-enhancing expenditures.

(8) Nonrevenue-enhancing expenditures such as lighting, painting, parking lots, roofing and signage.

The above does not purport to disclose all items required under GAAP.

The Company’s Form 10-K for the year ended December 31, 2004 and Form 10-Q for the quarters ended March 31, 2004, June 30, 2004 and September 30, 2004 should be read in conjunction with the above information.

8

New Plan Excel Realty Trust, Inc.

Supplemental Disclosure – Quarter Ended December 31, 2004

Selected Financial Ratios / Data

(In thousands, except per share amounts)

	Three Months Ended																								Twelve Months Ended
	12/31/04			09/30/04			06/30/04			03/31/04			12/31/03			09/30/03			06/30/03			03/31/03			12/31/04			12/31/03
Debt coverage ratios:
Interest coverage ratio (EBITDA/interest expense)	3.04		x	3.10		x	3.05		x	3.09		x	3.01		x	3.00		x	3.20		x	3.06		x	3.07		x	3.07		x
Debt service coverage (EBITDA/(interest expense + scheduled principal payments))	2.66		x	2.70		x	2.62		x	2.70		x	2.61		x	2.63		x	2.89		x	2.78		x	2.67		x	2.69		x
Fixed charge coverage (EBITDA/(interest expense + scheduled principal payments + preferred dividends)) (1)	2.27		x	2.29		x	2.25		x	2.31		x	2.22		x	2.23		x	2.40		x	2.38		x	2.28		x	2.28		x
Fixed charge coverage (excluding capitalized interest and scheduled principal payments) (1)	2.69		x	2.71		x	2.71		x	2.70		x	2.60		x	2.59		x	2.69		x	2.67		x	2.70		x	2.64		x
Debt/equity ratios:
Total debt/total market capitalization	39.4		%	40.3		%	42.1		%	38.3		%	39.6		%	40.3		%	42.7		%	45.4		%	39.4		%	39.6		%
Total debt/total equity market capitalization	65.0		%	67.6		%	72.8		%	62.0		%	65.6		%	67.5		%	74.6		%	83.0		%	65.0		%	65.6		%
Total debt/total book assets	52.1		%	50.9		%	51.6		%	51.0		%	49.9		%	49.0		%	49.7		%	50.4		%	52.1		%	49.9		%
Total debt/undepreciated book value (2)	46.9		%	45.9		%	46.6		%	46.3		%	45.3		%	44.6		%	45.5		%	46.2		%	46.9		%	45.3		%
Operating statistics:
NOI margin (NOI/total rental revenues)	66.73		%	68.55		%	69.69		%	67.41		%	65.43		%	68.44		%	67.40		%	66.60		%	68.07		%	66.96		%
Expense recovery ratio (expense reimbursements/(operating costs + real estate and other taxes)	64.95		%	65.15		%	71.44		%	67.33		%	65.32		%	65.33		%	69.47		%	67.83		%	67.13		%	66.99		%
Annualized G&A/total assets	0.50		%	0.47		%	0.56		%	0.54		%	0.57		%	0.71		%	0.48		%	0.48		%	0.51		%	0.56		%
G&A/total revenues (excluding currency change)	3.65		%	3.60		%	4.17		%	3.94		%	4.21		%	5.28		%	3.46		%	3.47		%	3.84		%	4.10		%
Market capitalization calculations:
Common shares outstanding	102,845			102,533			100,235			100,031			97,980			97,595			97,292			97,053			102,845			97,980
Preferred B shares outstanding (3)	—			—			—			—			—			—			—			6,300			—			—
Preferred D shares outstanding	1,500			1,500			1,500			1,500			1,500			1,500			1,500			1,500			1,500			1,500
Preferred E shares outstanding	8,000			8,000			8,000			8,000			8,000			8,000			8,000			—			8,000			8,000
Common stock price end of period	$	27.08		$	25.00		$	23.36		$	27.35		$	24.67		$	23.30		$	21.35		$	19.59		$	27.08		$	24.67
Preferred B price end of period (3)	—			—			—			—			—			—			—			25.11			—			—
Preferred D price end of period	50.00			50.00			50.00			50.00			50.00			50.00			50.00			50.00			50.00			50.00
Preferred E price end of period	26.34			25.98			25.30			27.28			26.67			26.50			26.60			—			26.34			26.67
Common market equity at end of period	$	2,785,043		$	2,563,325		$	2,341,490		$	2,735,848		$	2,417,167		$	2,273,964		$	2,077,184		$	1,901,268		$	2,785,043		$	2,417,167
Preferred market equity at end of period	285,720			282,840			277,400			293,240			288,360			287,000			287,800			233,193			285,720			288,360
Total equity market capitalization	3,070,763			2,846,165			2,618,890			3,029,088			2,705,527			2,560,964			2,364,984			2,134,461			3,070,763			2,705,527
Total debt end of period	1,996,319			1,923,438			1,906,276			1,878,450			1,776,004			1,727,926			1,763,698			1,772,388			1,996,319			1,776,004
TOTAL MARKET CAPITALIZATION	$	5,067,082		$	4,769,603		$	4,525,166		$	4,907,538		$	4,481,531		$	4,288,890		$	4,128,682		$	3,906,849		$	5,067,082		$	4,481,531

(1) Includes the Company’s pro rata share of joint venture results.

(2) Excludes accumulated depreciation on operating and held for sale assets.

(3) On May 5, 2003, the Company redeemed all Preferred B shares outstanding at a price of $25.00 per depositary share.

The above does not purport to disclose all items required under GAAP.

9

New Plan Excel Realty Trust, Inc.

Supplemental Disclosure - Quarter Ended December 31, 2004

Reconciliation of Selected Non-GAAP Financial Information to Most Directly Comparable GAAP Financial Measure

(In thousands, except per share amounts)

	Three Months Ended																								Twelve Months Ended
	12/31/04			09/30/04			06/30/04			03/31/04			12/31/03			09/30/03			06/30/03			03/31/03			12/31/04			12/31/03
Net income to EBITDA calculation: (1)
Net income	$	34,186		$	29,441		$	32,916		$	37,397		$	29,593		$	31,711		$	32,528		$	35,189		$	133,940		$	129,021
Depreciation and amortization
Continuing operations real estate assets	23,696			23,293			21,522			20,883			19,580			19,640			18,400			18,493			89,394			76,113
Discontinued operations real estate assets	165			267			371			381			382			451			541			625			1,184			2,000
Pro rata share of joint venture real estate assets	493			495			268			373			300			405			209			254			1,629			1,016
State taxes	133			133			133			133			133			133			133			133			532			532
Interest expense
Continuing operations	26,967			26,150			26,536			26,401			25,015			25,764			24,849			26,001			106,054			101,629
Discontinued operations	9			58			58			58			59			60			59			61			183			239
Pro rata share of joint ventures	1,070			873			778			744			638			405			432			481			3,398			1,956
Gain on sale of real estate (2)	—			—			—			(1,217		)	—			—			—			—			(1,217		)	—
(Gain) loss on sale of discontinued operations (3)	(1,509		)	3,093			970			(1,415		)	(615		)	163			(83		)	(3,483		)	1,139			(4,018		)
Loss (gain) on sale of joint venture	—			12			(4		)	425			—			(39		)	(604		)	—			433			(643		)
Impairment of real estate
Impairment of real estate	—			—			43			—			2,412			—			1,124			—			43			3,536
Impairment of real estate held for sale	—			88			—			—			—			48			3,451			3,454			88			6,953
EBITDA	$	85,210		$	83,903		$	83,591		$	84,163		$	77,497		$	78,741		$	81,039		$	81,208		$	336,800		$	318,334
Earnings ratios:
Interest coverage ratio (earnings/interest expense)	2.18		x	2.23		x	2.26		x	2.34		x	2.10		x	2.18		x	2.35		x	2.29		x	2.25		x	2.23		x
Debt service coverage (earnings/(interest expense + scheduled principal payments))	1.90		x	1.94		x	1.95		x	2.04		x	1.82		x	1.90		x	2.02		x	2.08		x	1.96		x	1.95		x
Fixed charge coverage (earnings/(interest expense + scheduled principal payments + preferred dividends))	1.61		x	1.64		x	1.66		x	1.74		x	1.54		x	1.61		x	1.69		x	1.78		x	1.66		x	1.65		x
Fixed charge coverage (excluding capitalized interest and scheduled principal payments)	1.92		x	1.94		x	2.00		x	2.03		x	1.80		x	1.87		x	1.97		x	2.00		x	1.97		x	1.91		x
Net income to earnings calculation:
Net income	$	34,186		$	29,441		$	32,916		$	37,397		$	29,593		$	31,711		$	32,528		$	35,189		$	133,940		$	129,021
Deduct:
(Income) loss from discontinued operations	(2,095		)	2,691			514			(2,395		)	(1,889		)	(1,361		)	1,504			(1,902		)	(1,285		)	(3,648		)
Equity in income of unconsolidated ventures	(410		)	(314		)	(559		)	(230		)	(1,005		)	(772		)	(1,188		)	(473		)	(1,513		)	(3,438		)
Add:
Minority interest in income of consolidated partnership and joint ventures	(86		)	203			476			260			385			394			375			401			853			1,555
Interest expense	26,967			26,150			26,536			26,401			25,015			25,764			24,849			26,001			106,054			101,629
Distributed income of investments in unconsolidated joint ventures	—			50			—			159			231			229			243			243			209			946
Interest component of rental expense	140			120			99			97			126			113			80			126			456			445
EARNINGS	$	58,702		$	58,341		$	59,982		$	61,689		$	52,456		$	56,078		$	58,391		$	59,585		$	238,714		$	226,510
Fixed charge calculation:
Interest expense	$	26,967		$	26,150		$	26,536		$	26,401		$	25,015		$	25,764		$	24,849		$	26,001		$	106,054		$	101,629
Scheduled principal payments	3,998			3,942			4,239			3,852			3,838			3,707			4,050			2,677			16,031			14,272
Preferred dividends	5,462			5,458			5,275			5,275			5,279			5,279			5,753			4,859			21,470			21,170
FIXED CHARGE	$	36,427		$	35,550		$	36,050		$	35,528		$	34,132		$	34,750		$	34,652		$	33,537		$	143,555		$	137,071
Capitalized interest	$	1,833		$	1,587		$	1,748		$	1,268		$	1,182		$	1,121		$	957		$	1,007		$	6,436		$	4,267

(1) EBITDA is a widely used performance measure. We compute EBITDA as the sum of net income before extraordinary item, depreciation and amortization, income taxes, interest expenses, gain (loss) on sale of real estate and sale of discontinued operations, and impairment of real estate. Given the nature of the Company’s business as a real estate owner and operator, the Company believes that the use of EBITDA as opposed to Earnings in various financial ratios is helpful to investors as a measure of our operational performance because EBITDA excludes various items included in Earnings that do not relate to or are not indicative of our operating performance, such as gains and losses on sales of real estate and real estate related depreciation and amortization, and includes the results of operations of real estate properties that were sold or classified as real estate held for sale either during or subsequent to the end of a particular reporting period, which are not included within Earnings. Accordingly, we believe that the use of EBITDA as opposed to Earnings in various ratios provides a meaningful performance measure as it relates to our ability to meet various coverage tests for the stated period.  EBITDA should not be considered as an alternative to Earnings as an indicator of our financial performance, or as an alternative to cash flow from operating activities as a measure of our liquidity. Our computation of EBITDA may differ from the methodology utilized by other companies to calculate EBITDA.  Investors are cautioned that items excluded from EBITDA are significant components in understanding and assessing the Company’s financial performance.

(2) For the three months ended March 31, 2004 and the twelve months ended December 31, 2004, balances includes approximately $1.217 million of previously deferred gain incurred in connection with the Company’s sale of 70 percent of its interest in Arapahoe Crossings, LP in 2003.

(3) For the three months ended June 30, 2004 and the twelve months ended December 31, 2004, balances includes approximately $3.876 million of previously deferred gain incurred in connection with the Company’s sale of 21.5 acres of land at The Mall at 163rd Street in 2003.

The above does not purport to disclose all items required under GAAP.

10

New Plan Excel Realty Trust, Inc.

Supplemental Disclosure - Quarter Ended December 31, 2004

Summary of Outstanding Debt

(In thousands)

		Lender	Outstanding Balance		Actual Interest Rate		Maturity Date	Percent of Total Indebtedness
Fixed Rate Debt:
	Secured Mortgage Indebtedness
	Panama City Square	First Union National Bank	$	12,367	6.750	%	10/01/05	0.62	%
	Harpers Station I	Columbus Life Insurance Company	11,148		8.000	%	10/14/05	0.56	%
	Harpers Station II	Columbus Life Insurance Company	1,330		8.750	%	10/14/05	0.07	%
	Parkway Plaza I	Sun Life Assurance Company	7,993		7.630	%	04/01/06	0.40	%
	Parkway Plaza II	Sun Life Assurance Company	2,285		8.020	%	04/01/06	0.12	%
	Alexis Park	SECORE Financial	4,388		9.390	%	10/01/06	0.22	%
	Normandy Square	State Farm Life Insurance Company	2,739		8.200	%	02/01/07	0.14	%
	Montebello Plaza	Nationwide Life Insurance	2,951		9.625	%	03/05/07	0.15	%
	Crown Point	Jackson National Life Insurance	6,952		8.120	%	05/01/07	0.35	%
	Skyway Plaza	LaSalle National Bank	3,544		9.250	%	05/01/07	0.18	%
	Dickson City Crossings I	General American Life Insurance Co.	12,010		8.650	%	12/01/07	0.61	%
	Dickson City Crossings II	General American Life Insurance Co.	2,400		8.870	%	12/01/07	0.12	%
	Westminster City Center	Wells Fargo Bank, N.A.	27,858		6.690	%	02/01/08	1.41	%
	Silver Pointe	Nomura Asset Capital Corporation	7,193		7.500	%	03/11/08	0.36	%
	Hillside Village Center	Wells Fargo Bank, N.A.	4,398		6.900	%	04/01/08	0.22	%
	42 properties (REMIC)	SECORE Financial	150,400		6.670	%	06/01/08	7.59	%
	Marketplace	Heller Financial, Inc.	9,188		6.880	%	08/01/08	0.46	%
	Brice Park	USG Annuity and Life	2,576		7.875	%	02/01/09	0.13	%
	London Marketplace	Aegon USA Realty	3,336		8.265	%	04/01/09	0.17	%
	Paradise Plaza	CIGNA	1,427		9.150	%	04/01/09	0.07	%
	Tuckernuck Square	LaSalle National Bank	5,333		7.880	%	08/01/09	0.27	%
	Perry Marketplace	American Express	3,063		9.000	%	10/01/09	0.15	%
	Bristol Plaza	Sun Life Assurance Company	6,012		8.090	%	11/01/09	0.30	%
	Festival Center	KeyBank National Association	2,462		8.240	%	01/01/10	0.12	%
	Sunshine Square	Sun Life Assurance Company	7,216		8.490	%	05/31/10	0.36	%
	Marwood Plaza	Sun Life Assurance Company	4,187		8.280	%	06/01/10	0.21	%
	Saddletree Village Shopping Center	Aegon USA Realty	1,547		8.250	%	06/01/10	0.08	%
	Hampton Village Centre	Deutsche Banc Capital LLC	29,028		8.530	%	06/30/10	1.47	%
	Greentree	KeyBank National Association	4,946		8.240	%	10/01/10	0.25	%
	Merchant’s Central	KeyBank National Association	6,147		8.240	%	10/01/10	0.31	%
	Northside Plaza	KeyBank National Association	2,159		8.240	%	10/01/10	0.11	%
	Habersham Crossing	KeyBank National Association	3,641		8.240	%	10/01/10	0.18	%
	Johnstown Galleria Outparcel	Holliday Fenoglio Fowler	2,247		8.000	%	07/01/11	0.11	%
	Merchants Crossing	American Equity Investment	5,115		7.630	%	09/14/11	0.26	%
	Hunt River Commons	Nationwide Life Insurance	7,206		7.070	%	10/01/11	0.36	%
	Annex of Arlington	LaSalle National Bank	17,868		7.850	%	04/11/12	0.90	%
	Chapel Square	American National	1,498		9.250	%	02/01/13	0.08	%
	Florence Square I	Nationwide Life Insurance	13,182		7.400	%	04/01/13	0.67	%
	Florence Square II	Nationwide Life Insurance	1,283		8.500	%	04/01/13	0.06	%
	Florence Square III	Nationwide Life Insurance	992		8.320	%	04/01/13	0.05	%
	Northgate	State Farm Life Insurance Company	5,836		8.750	%	06/30/13	0.29	%
	University IV	IDS Life Insurance Company	1,839		8.250	%	03/01/15	0.09	%
	Riverview Plaza	Protective Life	4,309		8.625	%	09/01/15	0.22	%
	Green Acres	Protective Life	10,719		7.500	%	07/01/16	0.54	%
	Lexington Town Square	American Enterprise	1,738		8.500	%	10/01/16	0.09	%
	Midway Market Square	MONY	16,208		8.180	%	12/01/16	0.82	%
	Elkhart Market Centre	Protective Life	12,694		7.500	%	08/01/18	0.64	%
	Northshore Plaza	IDS Life Insurance Company	3,636		8.050	%	02/01/20	0.18	%
	Covered Bridge	Protective Life	2,633		7.500	%	06/01/20	0.13	%
	Olympia Corners	Protective Life	5,171		7.500	%	06/01/20	0.26	%
	Sun Plaza	Protective Life	9,614		7.500	%	06/01/20	0.49	%
	The Vineyards	Protective Life	7,992		7.500	%	06/01/20	0.40	%
	Arvada Plaza	American Centurion	2,071		7.670	%	05/01/21	0.10	%
	Aurora Plaza	Protective Life	6,206		7.500	%	06/01/21	0.31	%

11

			Lender	Outstanding Balance			Actual Interest Rate		Maturity Date	Percent of Total Indebtedness
	Cheyenne Plaza		SAFECO Life Insurance Co.	4,650			7.880	%	06/01/21	0.23	%
	Hilltop Plaza		IDS Life Insurance Company	5,612			7.640	%	06/01/21	0.28	%
	Karl Plaza		Lehman Brothers Holdings, Inc.	3,824			7.320	%	03/01/28	0.19	%
	TOTAL FIXED RATE SECURED MORTGAGE INDEBTEDNESS			$	506,367		7.498	%		25.57	%
	Unsecured Notes
	7.75%, 10 Year Unsecured Notes		–	$	100,000		7.750	%	04/06/05	5.05	%
	7.35%, 10 Year Unsecured Notes		–	30,000			7.350	%	06/15/07	1.51	%
	5.88%, 5 Year Unsecured Notes		–	250,000			5.875	%	06/15/07	12.62	%
	7.40%, 10 Year Unsecured Notes		–	150,000			7.400	%	09/15/09	7.57	%
	4.50%, 7 Year Unsecured Notes (1)		–	150,000			4.500	%	02/01/11	7.57	%
	5.50%, 10 Year Unsecured Notes		–	50,000			5.500	%	11/20/13	2.52	%
	3.75%, 20 Year Unsecured Notes (2)		–	115,000			3.750	%	06/01/23	5.81	%
	7.97%, 30 Year Unsecured Notes		–	10,000			7.970	%	08/14/26	0.50	%
	7.65%, 30 Year Unsecured Notes		–	25,000			7.650	%	11/02/26	1.26	%
	7.68%, 30 Year Unsecured Notes		–	10,000			7.680	%	11/02/26	0.50	%
	7.68%, 30 Year Unsecured Notes		–	10,000			7.680	%	11/02/26	0.50	%
	6.90%, 30 Year Unsecured Notes		–	25,000			6.900	%	02/15/28	1.26	%
	6.90%, 30 Year Unsecured Notes		–	25,000			6.900	%	02/15/28	1.26	%
	7.50%, 30 Year Unsecured Notes		–	25,000			7.500	%	07/30/29	1.26	%
	TOTAL FIXED RATE UNSECURED NOTES			$	975,000		6.064	%		49.23	%
	CAPITAL LEASES			$	28,234		7.500	%	06/20/31	1.43	%
	TOTAL FIXED RATE DEBT			$	1,509,601		6.572	%		76.23	%
Variable Rate Debt (3) (4):
		Secured Mortgage Indebtedness
		Elk Grove Town Center	MetLife	$	14,500		3.040	%	12/01/06	0.73	%
		Highland Commons	GE Financial Assurance	3,643			6.375	%	12/01/09	0.18	%
		Lexington Road Plaza	Great Northern Insured Annuity	6,612			7.375	%	09/01/11	0.33	%
		TOTAL VARIABLE RATE SECURED MORTGAGE INDEBTEDNESS		$	24,755		4.689	%		1.25	%
		Credit Facilities
		$350 Million Revolving Credit Facility	Bank of America	$	296,000		2.490	%(5)	06/29/07	14.95	%
		$150 Million Secured Term Loan Facility	Bank of America	150,000			2.219	%	06/29/07	7.57	%
		TOTAL CREDIT FACILITIES		$	446,000		2.399	%		22.52	%
		TOTAL VARIABLE RATE DEBT		$	470,755		2.519	%		23.77	%
		TOTAL DEBT		$	1,980,356		5.609	%		100.00	%
		Net Unamortized Premiums on Mortgages		$	20,400
		Net Unamortized Discount on Notes		(4,723		)
		Impact of Swap Agreements on Notes (1)		286
		TOTAL DEBT - NET		$	1,996,319

(1) On February 6, 2004, the Company issued $150 million aggregate principal amount of 7-Year Fixed Rate Unsecured Notes with a coupon of 4.50%.  As of December 31, 2004, the Company had interest rate swaps that effectively convert the interest rate on $65 million of the notes from a fixed rate to a blended floating rate of 30 basis points over the 6-month LIBOR rate.

(2) On May 19, 2003, the Company completed a public offering of $100 million of 3.75% Convertible Senior Notes due 2023.  On June 10, 2003, the underwriters exercised their over-allotment option in full and purchased an additional $15 million of the notes.  The notes are convertible into cash, upon the occurrence of certain events, at an initial conversion price of $25.00 per share.  The notes may not be redeemed by the Company until June 9, 2008, but are redeemable for cash, in whole or in part, any time thereafter.

(3) As determined by the applicable loan agreement, the Company incurs interest on these obligations using either the 30-day LIBOR rate, which was 2.40% as of December 31, 2004, plus spreads ranging from 65 to 85 basis points,  or Moody’s A Corporate Bond Index, which was 5.43% as of December 31, 2004, plus spreads ranging from 12.5 to 37.5 basis points.

(4) During 2004, the Company entered into certain forward starting interest rate swap agreements for an aggregate notional amount of approximately $100 million.  Beginnging October 15, 2004, these derivative instruments were used to hedge the risk of changes in interest cash outflows by locking the ten year LIBOR swap rate, and effectively eliminating the impact of variable interest rates on $100 million.  On January 13, 2005, concurrent with the Company’s public offering of $100 aggregate principal amount of unsecured notes, the Company terminated these forward starting interest rate swaps.  The proceeds from the public offering were to pay-down amounts outstanding under the $350 million revolving credit facility.

(5) In addition to the stated interest rate, the Company also incurs an annual facility fee of 20 basis points.

The above does not purport to disclose all items required under GAAP.

The Company’s Form 10-K for the year ended December 31, 2004 should be read in conjunction with the above information.

12

New Plan Excel Realty Trust, Inc.

Supplemental Disclosure - Quarter Ended December 31, 2004

Debt Maturity Schedule / Debt Covenant Compliance Ratios

(In thousands)

		Scheduled Amortization		Scheduled Maturities			Total Debt Maturing		Percent of Debt Maturing
2005		$	16,148	$	124,438		$	140,586	7.10	%
2006		16,287		28,034			44,321		2.24	%
2007		15,604		751,573		(1)	767,177		38.74	%
2008		13,847		190,037			203,884		10.30	%
2009		10,960		166,712			177,672		8.97	%
2010		10,279		51,180			61,459		3.10	%
2011		9,131		164,299			173,430		8.76	%
2012	+	116,827		295,000			411,827		20.80	%
		$	209,083	$	1,771,273		$	1,980,356	100.00	%

Net Unamortized Premiums on Mortgages	$	20,400
Net Unamortized Discount on Notes	(4,723		)
Impact of Swap Agreements on Notes	286
TOTAL DEBT - NET	$	1,996,319

Weighted Average Maturity:

	Fixed Rate Debt	Variable Rate Debt	Total Debt
Including capital leases and credit facilities	7.7 years	2.6 years	6.5 years
Excluding capital leases and credit facilities	7.4 years	3.6 years	7.3 years

Debt Covenant Compliance Ratios:

Senior Unsecured Notes Covenant (2)	Required		Actual		Compliance
Total consolidated debt to total asset value	< 60	%	52	%	Yes
Total secured debt to total asset value	< 40	%	18	%	Yes
Total unencumbered asset value to total unsecured debt	> 150	%	213	%	Yes
Consolidated income available for debt service to total annual service charges	> 150	%	265	%	Yes

Unencumbered Properties Summary:

	# of Properties	GLA
Unencumbered properties	278	38,920,549
Encumbered properties	100	13,957,646
	378	52,878,195

(1) Scheduled maturities include $296.0 million representing the balance of the $350 million revolving credit facility drawn as of December 31, 2004 and maturing June 29, 2007, with a one-year extension option, and the balance of the $150 million secured term loan drawn as of December 31, 2004 and maturing June 29, 2007.

(2) For a complete listing of debt covenants related to the Company’s Senior Unsecured Notes, as well as definitions of the above terms, please refer to the Company’s filings with the Securities and Exchange Commission.

The above does not purport to disclose all items required under GAAP.

The Company’s Form 10-K for the year ended December 31, 2004 should be read in conjunction with the above information.

13

New Plan Excel Realty Trust, Inc.

Supplemental Disclosure - Quarter Ended December 31, 2004

2004 Acquisitions

	Property Type (1)	Location	Purchase Date	Purchase Amount		Cap- Rate	NOI (2)		GLA / Acres	Percent Leased (3)	Anchor Tenants	Year Built (4)
Property Acquisitions
1Q 2004
New Britain Village Square	S	Chalfont, PA	01/09/04	$	23,387,877	8.6%	$	2,019,000	143,716	97%	Genuardi’s Family Market	1989
Clearwater Mall (5)	S	Clearwater, FL	01/30/04	30,000,000		8.0%	2,400,000		285,519	91%	Linens N’ Things, Ross	2003
Elk Grove Town Center	S	Elk Grove Village, IL	01/30/04	21,000,000		8.5%	1,791,000		131,849	100%	Dominick’s Foods, Walgreen	1998
Villa Monaco	S	Denver, CO	02/19/04	12,000,000		8.9%	1,071,000		122,213	91%	King Soopers	1978
Florence Square	S	Florence, KY	03/17/04	39,475,000		8.9%	3,517,000		361,251	95%	HomeGoods, Kroger, National Amusement, Staples, TJ Maxx	2000
Total				$	125,862,877	8.6%	$	10,798,000	1,044,548
2Q 2004
Unity Plaza (6)	L	East Fishkill, NY	04/28/04	$	6,000,000	—	—		11 acres	—	—	—
Stockbridge Village	S	Stockbridge, GA	04/29/04	23,750,000		9.5%	$	2,250,000	188,203	99%	Kroger	1991
Total				$	29,750,000	—	$	2,250,000	188,203
3Q 2004
Starlite Plaza	S	Sylvania, OH	07/22/04	$	16,800,000	8.3%	$	1,394,400	222,450	95%	Farmer Jack	2000
Village Center (7)	S	Smithtown, NY	08/19/04	16,750,000		8.7%	1,509,225		97,401	65%	Eckerd	2004
Annex of Arlington	S	Arlington Heights, IL	08/26/04	27,200,000		8.1%	2,203,200		197,328	98%	Barnes & Noble, PetsMart, Sports Authority, Trader Joe’s	1999
Marketplace	S	Tulsa, OK	09/01/04	18,000,000		8.8%	1,582,200		186,851	100%	CompUSA, Drysdale’s, Oshman’s, PetsMart	1992
The Market at Preston Ridge (8)	S	Frisco, TX	09/01/04	5,150,000		8.0%	412,000		50,326	92%	CompUSA	2003
Total				$	83,900,000	8.5%	$	7,101,025	754,356
4Q 2004
Silver Pointe Shopping Center	S	Fenton, MI	11/23/04	$	10,150,000	9.9%	$	1,004,289	86,141	97%	Sears	1996
The Shoppes at Southside	S	Jacksonville, FL	12/10/04	24,989,000		8.1%	2,021,320		109,113	100%	Best Buy, David’s Bridal, Sports Authority	2004
Total				$	35,139,000	8.6%	$	3,025,609	195,254
		2004 Total Acquisitions		$	274,651,877	—	$	23,174,634	2,182,361

(1) L - Land, S - Shopping Center

(2) Projected NOI for the twelve-month period following the closing date of acquisition.

(3) As of closing date of acquisition.

(4) Year of most recent redevelopment or year built if no redevelopment has occurred.

(5) Acquired the remaining 50 percent interest in the property.  Cap-rate and NOI calculated on a stabilized basis.

(6) The Company will develop an approximately 70,000 square foot shopping center anchored by a 47,500 square foot A&P Food Market and has received all required permits and approvals to commence development.

(7) Property currently under redevelopment.  Cap-rate and NOI calculated on a stabilized basis.

(8) Acquired the remaining 50 percent interest in the property.

The above does not purport to disclose all items required under GAAP.

The Company’s Form 10-K for the year ended December 31, 2004 should be read in conjunction with the above information.

14

New Plan Excel Realty Trust, Inc.

Supplemental Disclosure - Quarter Ended December 31, 2004

2004 Dispositions and Transfers To Joint Ventures

	Property Type (1)	Location	Sale Date	Amount		Book Value		Gain / (Loss)			Cap- Rate	NOI (2)			GLA / Acres	Percent Leased (3)		Year Built (4)
Transfers to Joint Ventures
2Q 2004
Villa Monaco (5)	O	Denver, CO	06/01/04	$	10,800,000	$	10,800,000	$	—		8.9%	$	963,900		122,213	93	%	1978
Property Dispositions
1Q 2004
Land at Westgate	L	Dublin, GA	01/09/04	$	1,250,000	$	781,840	$	468,160		—	—			11.8 acres	—		—
Brookshire’s (lease assigned from Safeway)	T	West Monroe, LA	01/27/04	2,000,000		1,843,600		156,400			9.9%	$	198,000		41,293	100	%	1981
Edgebrook Plaza	S	Houston, TX	03/18/04	6,050,000		5,260,080		789,920			9.1%	551,000			100,170	96	%	1987
				$	9,300,000	$	7,885,520	$	1,414,480		—	$	749,000		141,463
2Q 2004
Northern Automotive	T	Hastings, NE	04/21/04	$	400,000	$	420,810	$	(20,810	)	12.3%	$	49,295		4,000	100	%	1988
Eastgate Shopping Center	S	Lake Wales, FL	04/30/04	1,525,000		1,650,970		(125,970		)	—	(62,504		)	102,161	7	%	1994
Outparcel at Superior Marketplace	P	Superior, CO	05/21/04	775,000		711,910		63,090			—	—			1 acre	—		—
Sun Valley Plaza	S	Mesa, AZ	06/04/04	3,100,000		5,727,640		(2,627,640		)	3.6%	112,240			107,405	37	%	1981
Genzyme Corp.	M	Scottsdale, AZ	06/28/04	1,450,000		2,258,940		(808,940		)	—	—			21,560	100	%	1971
Whitestown Plaza	S	Whitesboro, NY	06/28/04	2,750,000		4,075,770		(1,325,770		)	4.9%	134,481			80,612	73	%	1986
				$	10,000,000	$	14,846,040	$	(4,846,040	)	—	$	233,512		315,738
3Q 2004
Rite Aid	T	East Albany, GA	07/13/04	$	455,000	$	418,370	$	36,630		10.7%	$	48,785		10,069	100	%	1982
Kroger (subleased to Harveys)	T	East Albany, GA	07/13/04	1,470,000		1,581,580		(111,580		)	12.1%	177,946			34,019	100	%	1982
Outparcel at Kimball Crossing	P	Kimball, TN	08/23/04	225,000		148,600		76,400			—	—			1 acre	—		—
New Port Richey Center	T	New Port Richey, FL	09/10/04	3,450,000		3,392,690		57,310			9.1%	315,059			43,441	100	%	1988
Factory Merchants Barstow (6)	F	Barstow, CA	09/22/04	12,500,000		15,651,270		(3,151,270		)	9.4%	1,175,000			329,110	41	%	1994
				$	18,100,000	$	21,192,510	$	(3,092,510	)	—	$	1,716,790		416,639
4Q 2004
Glengary Shopping Center	S	Westerville, OH	11/09/04	$	4,450,000	$	4,512,100	$	(62,100	)	9.8%	$	436,059		105,601	74	%	1998
Old Egypt	T	Magnolia, TX	12/22/04	5,005,000		3,433,740		1,571,260			6.6%	329,670			14,490	100	%	2003
Hardee’s	T	Hanover, PA	12/25/04	275,000		275,100		(100		)	—	—			3,800	0	%	1971
				$	9,730,000	$	8,220,940	$	1,509,060		—	$	765,729		123,891
		2004 Total Dispositions		$	57,930,000	$	62,945,010	$	(5,015,010	)	—	$	4,428,931		1,119,944

(1) F - Factory Outlet Center, M - Miscellaneous, L - Land, O - Ownership Interest, P - Outparcel, S - Shopping Center, T - Single Tenant Property

(2) Projected recurring property NOI as of closing date of sale.

(3) As of closing date of sale.

(4) Year of most recent redevelopment or year built if no redevelopment has occurred.

(5) Transfer of 90 percent of the Company’s ownership interest to CA New Plan Venture Fund.  Cap-rate and NOI calculated on a pro rata share.

(6) Sale amount includes an approximately $8.5 million purchase money note.  As of December 31, 2004, approximately $8.0 million of the purchase money note was outstanding.

The above does not purport to disclose all items required under GAAP.

The Company’s Form 10-K for the year ended December 31, 2004 should be read in conjunction with the above information.

15

New Plan Excel Realty Trust, Inc.

Supplemental Disclosure - Quarter Ended December 31, 2004

Current Redevelopment / Outparcel Development / New Development Activities

						Construction			Expected			Expected
			Adjusted	Percent		Expected	Expected	Percent	Total			Stabilized Return
	Location	Project Description	GLA	Leased (1)		Start Date	Completion Date	Complete	Project Cost			on Cost (2)
Redevelopment Activities
Tinley Park Plaza	Tinley Park, IL	Redevelopment of former Builders Square parcel with a 76,521 SF main retail building, including a 22,722 SF Staples, and 13,200 SF outparcel building	255,391	94	%	Mar-03	Feb-05	85%	$		5,642,612	9.5	%
Ivyridge	Philadelphia, PA	Construction of a new 47,000 SF Super Fresh, 8,000 SF of retail shops and façade renovation	107,316	76	%	Apr-03	Aug-05	25%	7,800,000			10.0	%
Columbus Center	Columbus, IN	Sale of 12 acres of land to Target for a 126,000 SF store and façade renovation	147,602	59	%	May-03	Apr-05	85%	4,107,345			12.4	%
Market Place	Piqua, OH	Construction of a 69,133 SF Kroger and addition of 9,600 SF of new retail space	179,939	92	%	May-03	Apr-05	80%	2,990,205			10.3	%
Cave Spring Corners	Roanoke, VA	Construction of a new 58,000 SF Kroger and 3,300 SF of retail shops in former Ames location	147,039	51	%	May-03	Jul-05	55%	2,092,753			13.0	%
Sunshine Square	Medford, NY	Construction of a new 65,000 SF Stop & Shop and façade renovation	230,235	93	%	Jun-03	Jul-05	50%	4,796,792			15.2	%
The Mall at 163rd Street (3)	Miami, FL	Sale of 21.5 acres of land to Wal-Mart for construction of Wal-Mart Supercenter and redevelopment of remaining enclosed regional mall into shopping center	279,154	70	%	Jul-03	Sep-05	49%	26,000,000			10.0	%
Galleria Commons	Henderson, NV	Redevelopment of former House To Home with a 85,000 SF Burlington Coat Factory and additional retail shops	111,819	90	%	Jul-03	Apr-05	60%	3,542,363			11.0	%
J*Town Center	Jeffersontown, KY	Phase II of reconfiguration of shopping center with façade renovation of the main building and reposition of shopping center into multi-use retail / office anchored by a 38,380 SF Louisville Athletic Club	192,985	42	%	Sep-03	Sep-05	50%	6,821,007			13.7	%
Washtenaw Fountain Plaza	Ypsilanti, MI	Redevelopment of former Builders Square with a multi-tenant building	136,103	76	%	Jan-04	Jan-05	80%	2,509,779			10.0	%
Western Village	Cincinnati, OH	Construction of a new 76,000 SF Kroger and 30,000 SF of retail shops	115,450	73	%	Feb-04	Jun-05	65%	5,802,868			11.1	%
Transit Road Plaza	Lockport, NY	Remerchandise former Kmart with a multi-tenant building anchored by a 21,160 SF Office Max and a 29,563 SF Grossman’s Bargain Outlet	138,120	60	%	Mar-04	Feb-05	60%	5,493,726			10.4	%
Orange Grove	Houston, TX	Redevelopment of former Kmart anchored shopping center with the construction of a 35,277 SF 24 Hour Fitness, 8,000 SF of new retail shops and the addition of a 93,633 SF Floor & Décor	188,698	97	%	May-04	Feb-05	80%	5,896,546			10.5	%
Colonial Marketplace	Orlando, FL	Redevelopment and renovation of shopping center with a new 50,000 SF LA Fitness and the creation of a 30,000 SF junior anchor space and 4,600 SF of retail shops on an outparcel	140,622	75	%	Jul-04	May-05	30%	7,956,483			11.0	%
Wallkill Plaza	Middletown, NY	Redevelopment of former Bradlees into a multi-tenant retail building anchored by a 58,931 SF Ashley Furniture and a 27,000 SF A.J. Wright and shopping center renovation	203,234	97	%	Jul-04	Mar-05	20%	3,071,729			11.0	%
Sharpstown Plaza	Houston, TX	Redevelopment of former office building into a shopping center anchored by a new 33,177 SF Circuit City and 9,947 SF of retail shops	43,124	81	%	Jul-04	Mar-05	90%	5,347,799			11.2	%
Hornell Plaza	Hornell, NY	Expansion of Wegman’s by 2,800 SF and relocation of existing tenants to new spaces	253,703	97	%	Sep-04	Jun-05	15%	617,847			12.8	%
Mohawk Acres	Rome, NY	Construction of a new 70,000 SF Price Chopper and shopping center renovation	161,538	87	%	Sep-04	Oct-05	30%	3,570,204			10.1	%
Price Chopper Plaza	Rome, NY	Redevelopment of shopping center related to relocation of Price Chopper to Mohawk Acres	78,401	71	%	Sep-04	Jan-07	5%	1,184,505			10.1	%
Tomball Parkway Plaza	Tomball, TX	Renovation of former Compaq anchored wing of shopping center to accommodate multi-tenant retail shops anchored by a 37,090 SF Big Lots	133,629	98	%	Sep-04	Jun-05	90%	542,366			11.1	%
Jasper Manor	Jasper, IN	Redevelopment and renovation of shopping center with the addition of small shop space	194,120	85	%	Oct-04	Jun-05	30%	772,963			14.0	%
Dover Park Plaza	Yardville, NJ	Phase II of façade renovation and the replacement of former Acme with multiple retail shops	59,652	96	%	Oct-04	May-05	30%	769,425			11.4	%
Shops at Seneca Mall	Liverpool, NY	Redevelopment of former medical space with a 34,000 SF Big Lots and additional retail shops	237,202	93	%	Oct-04	Jul-05	10%	1,182,378			11.7	%
Village Center	Smithtown, NY	Renovation of shopping center with the addition of Uncle Guisseppe’s, a 32,500 SF specialty grocer	97,536	99	%	Oct-04	Oct-05	5%	1,496,294			13.0	%
Merchants Crossing (4)	Newnan, GA	Remerchandise former Kmart with a multi-tenant building	170,100	57	%	Dec-04	Jul-06	10%	925,922			10.7	%
Tinton Falls Plaza (4)	Tinton Falls, NJ	Renovation of former Burlington Coat Factory with expansion of WOW Fitness by 11,077 SF, the addition of Velocity Sports Med in 16,612 SF and the creation of 12,973 SF of small shop space	100,582	53	%	Dec-04	Jan-06	5%	2,346,415			10.7	%
Culpepper Plaza (4)	College Station, TX	Renovation of shopping center with new junior anchors to replace former Safeway	178,004	88	%	Dec-04	Feb-06	5%	2,464,322			10.9	%
The Crossing at Fry Road (4)	Katy, TX	Expansion of Hobby Lobby by 15,576 SF and façade renovation	234,517	99	%	Dec-04	Sep-05	5%	421,441			12.4	%
Grand Crossing (4)	Brighton, MI	Renovation of VG’s, expansion of Ace Hardware by 4,000 SF and addition of 3,600 SF of new shop space	85,596	98	%	Jan-05	Jan-06	0%	804,393			10.9	%
Roxboro Square (4)	Roxboro, NC	Redevelopment of former Wal-Mart anchored center into a town center anchored by Person County	98,980	88	%	Jan-05	Dec-05	0%	6,007,629			10.1	%
Parkway Plaza (4)	Winston-Salem, NC	Conversion of former Bowling Center to 28,000 SF CitiTrends	286,405	97	%	Jan-05	Oct-05	0%	1,020,522			10.9	%
Friendswood Square (4)	Friendswood, TX	Reconfiguration of shopping center and addition of a new 14,560 SF Walgreens	77,999	32	%	Jan-05	May-06	0%	4,476,887			9.5	%
								Total / Average	$	128,475,520		11.3	%

16

						Construction			Expected		Expected
			Adjusted	Percent		Expected	Expected	Percent	Total		Stabilized Return
	Location	Project Description	GLA	Leased (1)		Start Date	Completion Date	Complete	Project Cost		on Cost (2)
Outparcel Development Activities
Ridgeview Centre	Wise, VA	Construction of a 10,700 SF Social Security office	187,400	100	%	Jan-04	Feb-05	30%	$	1,592,813	10.7	%
Paradise Plaza	Paradise, CA	Construction of a 3,076 SF Perko’s Café	199,688	100	%	Sep-04	Oct-05	10%	1,003,215		11.2	%
Elkhart Market Centre	Goshen, IN	Construction of a 7,800 SF Pet Supplies Plus	356,915	100	%	Oct-04	Oct-05	10%	950,290		12.3	%
								Total / Average	$	3,546,318	11.4	%
Joint Venture Redevelopment Activities
Clinton Crossing	Clinton, MS	Redevelopment of former Wal-Mart with a new 46,873 SF Winn-Dixie and 14,000 SF of retail shops	101,073	95	%	Apr-04	Jan-05	75%	$	6,837,878	14.9	%
Marrero Shopping Center	Marrero, LA	Expansion of Winn-Dixie to 44,000 SF	69,259	100	%	Jul-04	Mar-05	90%	1,729,410		13.1	%
Stone Mountain Festival	Stone Mountain, GA	Redevelopment and renovation of shopping center with the addition of a 52,570 SF Hobby Lobby	347,190	83	%	Sep-04	Mar-06	10%	3,896,995		12.2	%
								Total / Average	$	12,464,283	13.4	%
New Development Activities
Unity Plaza	East Fishkill, NY	Development of a 70,000 SF shopping center anchored by A&P Food Market	70,000	—		May-04	Nov-05	20%	$	13,961,504	10.0	%
The Centre’ at Navarro (4)	Victoria, TX	Phase I development of 97,208 SF shopping center anchored by Hastings and Walgreens	97,208	—		Jan-05	Dec-05	0%	7,092,369		10.7	%
								Total / Average	$	21,053,873	10.3	%
		TOTAL IN-PROCESS REDEVELOPMENT / OUTPARCEL DEVELOPMENT / NEW DEVELOPMENT ACTIVITIES							$	165,539,994	11.4	%

						Construction			Expected		Expected
				Percent				Percent	Total		Stabilized Return
	Location	Project Description	GLA	Leased (1)		Start Date	Completion Date	Complete	Project Cost		on Cost (2)
Completed 2004 Redevelopment / Outparcel Development Activities
Sun Plaza	Ft. Walton Beach, FL	Construction of a new 44,480 SF Publix and 4,200 SF of retail shops	153,718	100	%	Feb-03	Jan-04	100%	$	4,446,923	12.1	%
Westgate	Dublin, GA	Sale of land to Home Depot for construction of a 95,000 SF store and construction of 19,000 SF of retail shops and outparcel leased to McDonald’s	118,938	93	%	Feb-03	Jan-04	100%	2,040,807		10.8	%
Perry Marketplace	Perry, GA	Redevelopment of former Kmart into a multi-tenant building	179,973	98	%	Apr-03	Jan-04	100%	1,182,609		11.9	%
Westgate Manor	Rome, NY	Expansion of shopping center by 10,000 SF to accommodate Big Lots expansion	75,813	99	%	Oct-03	Feb-04	100%	589,019		10.6	%
Colonial Marketplace	Orlando, FL	Purchase adjacent 7,200 SF building to lease and renovate	140,622	75	%	Mar-03	Apr-04	100%	1,539,000		12.1	%
Fashion Corner	Saginaw, MI	Phase III re-tenanting of former Kids R Us and combining of adjacent spaces to create two new anchor stores and façade renovation of that area	189,260	83	%	Sep-03	Apr-04	100%	1,069,000		11.5	%
Moundsville Plaza	Moundsville, WV	Construction of a 5,400 SF Blockbuster	176,446	85	%	Jul-03	Apr-04	100%	761,984		11.3	%
New Chastain Corners	Marietta, GA	Increased lease commitment and renovation of existing Kroger, development of outparcel with Bank of America and shopping center renovation	113,079	98	%	Oct-03	May-04	100%	488,245		12.9	%
Northland	Watertown, NY	Construction of a 11,500 SF Kinney Drug	131,982	29	%	Jul-03	May-04	100%	1,328,026		12.3	%
Maplewood Mall	Houston, TX	Eliminate enclosed mall area to increase parking and tenant visibility and re-tenant space	94,360	82	%	Oct-03	May-04	100%	1,845,737		11.0	%
Wisteria Village	Snellville, GA	Replacement and expansion of former Winn-Dixie by 12,000 SF to accommodate a new 57,425 SF Hobby Lobby	173,152	100	%	Jan-04	Jun-04	100%	1,153,810		10.0	%
Chapman Square	Knoxville, TN	Renovation and expansion of existing Kroger and shopping center redevelopment	53,591	73	%	Oct-03	Jun-04	100%	726,286		13.5	%
Clear Lake Camino South	Houston, TX	Construction of a new 14,471 SF freestanding Eckerd, re-leasing of former grocer space and re-tenanting	112,803	98	%	Jun-03	Jun-04	100%	4,918,640		12.1	%
Superior Marketplace	Superior, CO	Completion of Phase I development and Phase II development	252,253	99	%	Aug-02	Jul-04	100%	20,200,000		11.9	%
Bethel Park	Bethel Park, PA	Replacement and expansion of former Ames to accommodate a new 98,462 SF Wal-Mart and increased lease commitment and addition of fuel center at existing Giant Eagle	218,714	100	%	Nov-03	Jul-04	100%	1,281,389		10.1	%
Metro 580	Pleasanton, CA	Construction of a 88,000 SF Kohl’s and reconfigure the remaining anchor space	176,510	100	%	Sep-03	Sep-04	100%	4,592,467		11.9	%
Regency Park	Jacksonville, FL	Phase II redevelopment of former Service Merchandise with the addition of a new 47,200 SF American Signature, reconfiguration of shop space into a 4,816 SF retail space and shopping center renovation	333,948	95	%	Jun-04	Sep-04	100%	2,207,086		10.5	%
South Plaza	Norwich, NY	Redevelopment of former Ames with a 29,272 SF Tractor Supply and 10,000 SF of retail shops	143,620	70	%	Dec-03	Sep-04	100%	990,414		13.3	%

17

						Construction			Expected		Expected
				Percent				Percent	Total		Stabilized Return
	Location	Project Description	GLA	Leased (1)		Start Date	Completion Date	Complete	Project Cost		on Cost (2)
Rockland Plaza	Nanuet, NY	Expansion of Marshalls by 10,000 SF, replacement of 18,000 SF Odd-Job with Petco and shopping center renovation	249,631	96	%	Jan-04	Oct-04	100%	3,875,135		14.5	%
Island Plaza	James Island, SC	Remerchandise former Kmart with a multi-tenant building	171,224	95	%	Jan-04	Oct-04	100%	1,883,764		10.5	%
Irving West	Irving, TX	Re-tenant former Winn-Dixie with specialty grocer and renovate existing small shop space	70,056	95	%	Oct-03	Oct-04	100%	1,650,859		14.4	%
Southgate	New Port Richey, FL	Construction of a new 44,841 SF Publix and 3,194 SF of retail shops and shopping center renovation	262,910	97	%	May-04	Nov-04	100%	6,799,124		10.6	%
Northeast Plaza	Atlanta, GA	Remerchandising of shopping center with additional anchor tenants and shopping center renovation	442,714	98	%	Jan-04	Nov-04	100%	5,263,477		12.0	%
Brentwood Plaza	Cincinnati, OH	Construction of a new 69,133 SF Kroger and shopping center renovation	222,708	96	%	Jan-04	Nov-04	100%	6,909,636		10.5	%
Festival Centre	North Charleston, SC	Addition of two new anchors, remerchandise small shop space and shopping center renovation	323,742	94	%	Jan-04	Nov-04	100%	2,443,330		13.0	%
Bay Forest	Houston, TX	Expansion of Kroger to 65,000 SF and redevelopment of shopping center	71,667	100	%	Dec-03	Nov-04	100%	692,493		11.9	%
Sun Plaza	Ft. Walton Beach, FL	Construction of a 3,300 SF Moe’s Southwest Grill	153,718	100	%	Jun-04	Dec-04	100%	603,986		10.4	%
Hampton Village Centre	Rochester Hills, MI	Redevelopment and renovation of former Farmer Jack anchored wing of shopping center to accommodate a new 45,000 SF Best Buy	459,285	96	%	Jun-04	Dec-04	100%	2,695,098		11.1	%
Paseo del Norte	Albuquerque, NM	Develop shopping center with a 40,000 SF Wal-Mart neighborhood market ground lease and 10,400 SF of small shop space	50,400	91	%	Jul-02	Dec-04	100%	2,838,707		11.0	%
Heritage Square	Dover, OH	Redevelopment of former Fleming with a 66,544 SF Giant Eagle and reconfiguration and renovation of shopping center	181,732	90	%	Aug-04	Dec-04	100%	341,748		12.0	%
								Total / Average	$	87,358,799	11.7	%
		TOTAL REDEVELOPMENT / OUTPARCEL DEVELOPMENT / NEW DEVELOPMENT ACTIVITIES							$	252,898,793	11.5	%

(1) Includes all leases in effect at December 31, 2004, including those that are fully executed, but not yet open, and is based on current GLA, not adjusted GLA.

(2) Incremental projected income (new income less existing income) / incremental cost.  Where a space is vacant and generating no current income, the estimated “as is” market rent is deducted from the projected new rent to determine incremental income.  Does not include peripheral impacts, such as the impact on the long-term value of the property.

(3) Expected total project cost less land sales as adjusted, primarily for the inclusion of peripheral land development costs.

(4) Indicates project added during the quarter ended December 31, 2004.

The above does not purport to disclose all items required under GAAP.

18

New Plan Excel Realty Trust, Inc.

Supplemental Disclosure - Quarter Ended December 31, 2004

Property Type Summary

(Includes 100 Percent of Joint Venture Projects)

	# of Properties	GLA	Leased GLA	ABR
COMPANY TOTAL PORTFOLIO
Stabilized Properties
Community and Neighborhood Shopping Centers	326	45,854,279	42,822,895	$	352,113,911
Single Tenant Properties	10	356,043	308,043	1,682,839
Enclosed Malls / Specialty Retail Properties	3	1,404,926	1,008,434	12,179,589
Miscellaneous Properties	7	13,200	13,200	33,132
	346	47,628,448	44,152,572	$	366,009,471
Redevelopment Properties
Community and Neighborhood Shopping Centers	32	5,249,747	4,314,102	$	30,593,493
COMPANY TOTAL PORTFOLIO	378	52,878,195	48,466,674	$	396,602,964
Joint Venture Projects (1)
Stabilized Properties	23	4,485,215	4,324,832	$	50,486,732
Redevelopment Properties (2)	3	442,676	383,901	1,568,966
	26	4,927,891	4,708,733	$	52,055,698
TOTAL PORTFOLIO	404	57,806,086	53,175,407	$	448,658,662
TOTAL STABILIZED COMMUNITY AND NEIGHBORHOOD SHOPPING CENTERS, INCLUDING JOINT VENTURE PROJECTS	349	50,339,494	47,147,727	$	402,600,643
TOTAL REDEVELOPMENT / IN-PROCESS DEVELOPMENT COMMUNITY AND NEIGHBORHOOD SHOPPING CENTERS, INCLUDING JOINT VENTURE PROJECTS	35	5,692,423	4,698,003	32,162,459
TOTAL COMMUNITY AND NEIGHBORHOOD SHOPPING CENTERS, INCLUDING JOINT VENTURE PROJECTS	384	56,031,917	51,845,730	434,763,102

COMMUNITY AND NEIGHBORHOOD SHOPPING CENTERS ANCHOR, NON-ANCHOR TENANT MIX: (3)

			ABR
	Leased GLA	Percent of Shopping Centers Leased GLA	Amount		Per Foot		Percent of Shopping Centers ABR
Anchor Tenants	32,634,869	62.9%	$	204,097,225	$	6.25	46.9	%
Non-anchor Tenants	19,210,861	37.1%	230,665,877		12.01		53.1	%
	51,845,730	100.0%	$	434,763,102	$	8.39	100.0	%

(1) All projects are community and neighborhood shopping centers.

(2) Includes CA New Plan Venture Fund Redevelopment Properties.

(3) Anchor tenants include 1) major discount stores, 2) major grocers, 3) tenants with square footage greater than 10,000 square feet if the shopping center GLA is less than 125,000 square feet and tenants with square footage greater than 25,000 square feet if the shopping center GLA is greater than 125,000 square feet and 4) tenants with square footage greater than 10 percent of the shopping center GLA, but not less than 5,000 square feet.

The above does not purport to disclose all items required under GAAP.

The Company’s Form 10-K for the year ended December 31, 2004 should be read in conjunction with the above information.

19

New Plan Excel Realty Trust, Inc.

Supplemental Disclosure - Quarter Ended December 31, 2004

Property Type Summary

(Includes Pro Rata Share of Joint Venture Projects)

						ABR				Quarterly NOI (1)
	# of Properties	GLA	Percent Leased		Leased GLA	Amount		Percent of Company ABR		Amount			Percent of Company NOI
COMPANY TOTAL PORTFOLIO
Stabilized Properties
Community and Neighborhood Shopping Centers	326	45,854,279	93.4	%	42,822,895	$	352,113,911	86.6	%	$	76,189,300		89.1	%
Single Tenant Properties	10	356,043	86.5	%	308,043	1,682,839		0.4	%	485,443			0.6	%
Enclosed Malls / Specialty Retail Properties	3	1,404,926	71.8	%	1,008,434	12,179,589		3.0	%	2,918,756			3.4	%
Miscellaneous Properties	7	13,200	100.0	%	13,200	33,132		0.0	%	(350,539		)	-0.4	%
	346	47,628,448	92.7	%	44,152,572	$	366,009,471	90.0	%	$	79,242,960		92.6	%
Redevelopment Properties
Community and Neighborhood Shopping Centers	32	5,249,747	82.2	%	4,314,102	$	30,593,493	7.5	%	$	6,311,841		7.4	%
COMPANY TOTAL PORTFOLIO	378	52,878,195	91.7	%	48,466,674	$	396,602,964	97.5	%	$	85,554,801		100.0	%
Joint Venture Projects (2)
Stabilized Properties	23	856,347	96.4	%	825,142	$	9,978,946	2.5	%
Redevelopment Properties (3)	3	44,268	86.7	%	38,390	156,897		0.0	%
	26	900,614	95.9	%	863,532	$	10,135,842	2.5	%
TOTAL PORTFOLIO	404	53,778,809	91.7	%	49,330,206	$	406,738,806	100.0	%
TOTAL STABILIZED COMMUNITY AND NEIGHBORHOOD SHOPPING CENTERS, INCLUDING JOINT VENTURE PROJECTS	349	46,710,626	93.4	%	43,648,037	$	362,092,857
TOTAL REDEVELOPMENT / IN-PROCESS DEVELOPMENT COMMUNITY AND NEIGHBORHOOD SHOPPING CENTERS, INCLUDING JOINT VENTURE PROJECTS	35	5,294,015	82.2	%	4,352,492	30,750,390
TOTAL COMMUNITY AND NEIGHBORHOOD SHOPPING CENTERS, INCLUDING JOINT VENTURE PROJECTS	384	52,004,640	92.3	%	48,000,529	392,843,246

(1) Data includes approximately $759,000 of Quarterly Net Operating Income (“NOI”) from properties classified as discontinued operations under SFAS 144 and excludes approximately $439,000 of Quarterly NOI attributable to joint venture properties consolidated under the provisions of FIN 46.  NOI is provided here as a supplemental measure of operating performance.  NOI is defined as Property revenues less Property operating expenses, excluding depreciation and amortization and interest expense, and includes NOI from properties classified as discontinued operations under SFAS 144.   The Company believes that this presentation of NOI is helpful to investors as a measure of its operational performance because (i) it excludes various items included in net income that do not relate to or are not indicative of its operating performance, such as depreciation and amortization and interest expense, and (ii) it provides a breakdown of NOI being generated on a quarterly basis from the various property types in the Company’s portfolio.  NOI should not, however, be considered as an alternative to net income (calculated in accordance with GAAP) as an indicator of the Company’s financial performance.  For a reconciliation of NOI to net income please see page 6.

(2) All projects are community and neighborhood shopping centers.

(3) Includes CA New Plan Venture Fund Redevelopment Properties.

The above does not purport to disclose all items required under GAAP.

The Company’s Form 10-K for the year ended December 31, 2004 should be read in conjunction with the above information.

20

New Plan Excel Realty Trust, Inc.

Supplemental Disclosure - Quarter Ended December 31, 2004

Properties by State / Region

State	Number of Properties	Percent Leased		GLA	Percent of GLA		Percent of Scheduled ABR
Alabama	7	90.5	%	760,014	1.4	%	1.0	%
Arizona	5	90.6	%	806,208	1.5	%	1.5	%
Arkansas	2	96.9	%	237,991	0.4	%	0.4	%
California	14	95.6	%	2,245,248	4.2	%	6.2	%
Colorado	6	99.6	%	1,005,796	1.9	%	2.8	%
Delaware	2	94.9	%	135,784	0.3	%	0.1	%
Florida	36	89.2	%	5,426,296	10.1	%	11.5	%
Georgia	36	94.4	%	3,793,935	7.1	%	6.4	%
Illinois	9	90.1	%	1,586,529	3.0	%	3.7	%
Indiana	10	84.9	%	1,352,287	2.5	%	1.7	%
Iowa	3	96.7	%	549,291	1.0	%	0.8	%
Kentucky	12	91.5	%	2,166,653	4.0	%	3.5	%
Louisiana	6	98.4	%	696,857	1.3	%	0.8	%
Maryland	2	84.5	%	282,336	0.5	%	0.5	%
Massachusetts	2	99.1	%	348,917	0.6	%	0.5	%
Michigan	20	93.1	%	3,009,599	5.6	%	6.2	%
Minnesota	1	98.2	%	55,715	0.1	%	0.1	%
Mississippi	2	99.8	%	90,341	0.2	%	0.1	%
Nevada	3	90.7	%	586,126	1.1	%	1.2	%
New Jersey	6	92.6	%	879,200	1.6	%	2.0	%
New Mexico	3	95.5	%	111,001	0.2	%	0.2	%
New York	27	86.7	%	3,650,696	6.8	%	5.9	%
North Carolina	15	96.2	%	1,893,803	3.5	%	2.7	%
Ohio	24	91.7	%	3,841,557	7.1	%	6.7	%
Oklahoma	1	100.0	%	186,851	0.3	%	0.4	%
Pennsylvania	15	87.3	%	2,595,397	4.8	%	5.3	%
Rhode Island	1	100.0	%	148,126	0.3	%	0.3	%
South Carolina	7	95.9	%	792,773	1.5	%	1.2	%
Tennessee	15	95.9	%	1,882,236	3.5	%	3.0	%
Texas	89	90.3	%	9,369,047	17.4	%	17.3	%
Utah	3	98.8	%	607,075	1.1	%	1.2	%
Virginia	13	92.2	%	1,709,881	3.2	%	3.0	%
West Virginia	3	92.8	%	356,721	0.7	%	0.6	%
Wisconsin	3	94.4	%	458,372	0.9	%	0.7	%
Wyoming	1	89.6	%	160,150	0.3	%	0.2	%
	404	91.7	%	53,778,809	100	%	100	%

Region (1)
East	105	90.8	%	14,960,287	27.8	%	25.7	%
Midwest	71	91.4	%	11,013,500	20.5	%	20.1	%
South	194	91.7	%	22,443,568	41.7	%	41.0	%
West	34	95.4	%	5,361,454	10.0	%	13.1	%
	404	91.7	%	53,778,809	100	%	100	%

(1) NCREIF Regions

Includes pro rata share of joint venture projects.

The above does not purport to disclose all items required under GAAP.

The Company’s Form 10-K for the year ended December 31, 2004 should be read in conjunction with the above information.

21

New Plan Excel Realty Trust, Inc.

Supplemental Disclosure - Quarter Ended December 31, 2004

Same Property NOI Analysis

(In thousands, except property statistics)

	Twelve Months Ended				Percent	Three Months Ended				Percent	Three Months Ended				Percent	Three Months Ended				Percent	Three Months Ended				Percent
	12/31/04		12/31/03		Change	12/31/04		12/31/03		Change	09/30/04		09/30/03		Change	06/30/04		06/30/03		Change	03/31/04		03/31/03		Change
Analysis Specific Property Statistics (1):
Number of properties included in analysis	282		282			300		300			306		306			307		307			309		309
Gross leasable area	36,972,910		36,972,910			39,100,856		39,100,856			40,039,823		40,039,823			41,860,398		41,860,398			40,988,528		40,988,528
Percent leased	93.1	%	93.2	%	-0.1%	93.3	%	93.6	%	-0.3%	93.2	%	93.2	%	0.0%	92.7	%	93.0	%	-0.3%	92.0	%	93.4	%	-1.4%

Termination Fees: (2)	$	304		$	1,452			$	228		$	799			$	99		$	1,008			$	(32	)	$	47			$	19		$	458
Rental revenues	$	345,957		$	345,298		0.2%	$	92,871		$	92,966		-0.1%	$	91,358		$	91,458		-0.1%	$	93,928		$	95,136		-1.3%	$	96,406		$	95,819		0.6%
Rental operating expenses	104,986			107,444			-2.3%	29,957			30,656			-2.3%	26,502			26,842			-1.3%	27,097			28,769			-5.8%	30,495			30,149			1.1%
SAME PROPERTY NOI (GAAP BASIS)	$	240,971		$	237,854		1.3%	$	62,914		$	62,310		1.0%	$	64,856		$	64,616		0.4%	$	66,831		$	66,367		0.7%	$	65,911		$	65,670		0.4%
Operating margin (GAAP basis)	69.7		%	68.9		%	0.8%	67.7		%	67.0		%	0.7%	71.0		%	70.7		%	0.3%	71.2		%	69.8		%	1.4%	68.4		%	68.5		%	-0.2%
Straight-line rent adjustment	4,244			4,074			4.2%	1,063			884			20.2%	1,035			970			6.7%	1,222			1,255			-2.6%	1,249			1,173			6.5%
SAME PROPERTY NOI	$	236,727		$	233,780		1.3%	$	61,851		$	61,426		0.7%	$	63,821		$	63,646		0.3%	$	65,609		$	65,112		0.8%	$	64,662		$	64,497		0.3%
Operating margin	68.4		%	67.7		%	0.7%	66.6		%	66.1		%	0.5%	69.9		%	69.6		%	0.3%	69.9		%	68.4		%	1.4%	67.1		%	67.3		%	-0.2%
Reconciliation to Most Directly Comparable GAAP Financial Measure:
Same property rental revenues (1)	$	345,957		$	345,298			$	92,871		$	92,966			$	91,358		$	91,458			$	93,928		$	95,136			$	96,406		$	95,819
Non-same property rental revenues	154,821			130,787				36,825			27,046				32,282			26,250				29,023			24,695				29,121			23,721
TOTAL RENTAL REVENUES	500,778			476,085				129,696			120,012				123,640			117,708				122,951			119,831				125,527			119,540
Same property rental operating expenses (1)	104,986			107,444				29,957			30,656				26,502			26,842				27,097			28,769				30,495			30,149
Non-same property rental operating expenses	54,937			49,824				13,260			10,805				12,409			10,261				10,166			10,296				10,360			9,785
TOTAL RENTAL OPERATING EXPENSES	159,923			157,268				43,217			41,461				38,911			37,103				37,263			39,065				40,855			39,934
TOTAL NOI (1)	340,855			318,817				86,479			78,551				84,729			80,605				85,688			80,766				84,672			79,606
SAME PROPERTY JOINT VENTURE NOI (1)	3,521			3,652				1,244			1,387				956			1,048				916			901				1,118			1,027
CONSOLIDATED NOI	337,334			315,165				85,235			77,164				83,773			79,557				84,772			79,865				83,554			78,579
Total other income	9,842			12,857				2,177			3,021				2,489			2,884				2,408			3,119				2,768			3,833
Total other expenses	(214,842		)	(197,558		)		(55,407		)	(49,684		)		(53,927		)	(51,697		)		(53,231		)	(47,453		)		(52,277		)	(48,724		)
Gain on sale of real estate	1,217			—				—			—				—			—				—			—				1,217			—
Impairment of real estate	(43		)	(3,536		)		—			(2,412		)		—			—				(43		)	(1,124		)		—			—
Minority interest in income of consolidated partnership and joint ventures	(853		)	(1,555		)		86			(385		)		(203		)	(394		)		(476		)	(375		)		(260		)	(401		)
Income from discontinued operations	1,285			3,648				2,095			1,889				(2,691		)	1,361				(514		)	(1,504		)		2,395			1,902
NET INCOME	$	133,940		$	129,021			$	34,186		$	29,593			$	29,441		$	31,711			$	32,916		$	32,528			$	37,397		$	35,189

(1) Includes pro rata share of same property joint venture projects.

(2) Excluded from Property revenues.

NOI and Same Property NOI are provided here as supplemental measures of operating performance.  NOI is defined as Property revenues less Property operating expenses, excluding depreciation and amortization and interest expense, and includes NOI from properties classified as discontinued operations under SFAS 144.  Same Property NOI excludes the NOI of properties that have undergone or are undergoing redevelopment during the applicable periods, as well as properties acquired or disposed of during the periods presented.  The Company believes that NOI is helpful to investors as a measure of its operational performance because it excludes various items included in net income that do not relate to or are not indicative of its operating performance, such as depreciation and amortization and interest expense.  The Company believes that Same Property NOI is helpful to investors as a measure of its operational performance because it includes only the NOI of properties that have been owned for the full period presented, which eliminates disparities in net income due to the redevelopment, acquisition or disposition of properties during the particular period presented, and thus provides a more consistent metric for the comparison of the performance of the Company’s properties.  NOI and Same Property NOI should not, however, be considered as alternatives to net income (calculated in accordance with GAAP) as an indicator of the Company’s financial performance.

Includes community and neighborhood shopping centers only.

The above does not purport to disclose all items required under GAAP.

22

New Plan Excel Realty Trust, Inc.

Supplemental Disclosure - Quarter Ended December 31, 2004

Top Ten Tenants

				GLA as a			ABR as a
		Number of		Percentage of Total			Percentage of Total
	Tenant	Leases	GLA	Portfolio GLA	ABR		Portfolio ABR
1	The Kroger Co. (1)	48	2,454,408	4.6%	$	16,043,690	3.9%
2	Wal-Mart Stores (2)	30	3,222,443	6.0%	13,354,790		3.3%
3	Kmart Corporation	29	2,659,362	4.9%	10,617,645		2.6%
4	Ahold USA (3)	20	986,272	1.8%	8,116,845		2.0%
5	The TJX Companies (4)	35	1,081,547	2.0%	7,153,823		1.8%
6	Publix Super Markets	21	760,800	1.4%	5,568,300		1.4%
7	Winn-Dixie Stores (5)	21	838,544	1.6%	5,244,041		1.3%
8	Safeway, Inc. (6)	12	522,935	1.0%	4,564,094		1.1%
9	Delhaize America (7)	22	709,221	1.3%	4,429,996		1.1%
10	Big Lots Stores, Inc.	37	1,008,152	1.9%	3,764,742		0.9%
		275	14,243,683	26.5%	$	78,857,967	19.4%

(1) Includes King Soopers, Kroger, Ralphs and Smith’s.

(2) Includes SAM’S CLUBS, Supercenters and Wal-Mart stores.

(3) Includes BI-LO, Food Max, Giant Food, Martin’s, Stop & Shop and Tops Market.

(4) Includes A.J. Wright, HomeGoods, Marshalls and T.J. Maxx.

(5) Includes SaveRite and Winn-Dixie.

(6) Includes Dominick’s, Genuardi’s, Randalls and Tom Thumb.

(7) Includes Food Lion, Harveys and Kash n’ Karry.

Includes pro rata share of joint venture projects.

The above does not purport to disclose all items required under GAAP.

The Company’s Form 10-K for the year ended December 31, 2004 should be read in conjunction with the above information.

23

New Plan Excel Realty Trust, Inc.

Supplemental Disclosure - Quarter Ended December 31, 2004

New Lease Summary

NEW LEASE SUMMARY

			Total New		Tenant Improvements		Leasing
	Number	GLA	ABR		Committed		Commissions
1Q 2004	164	964,036	$	7,938,803	$	2,257,352	$	957,257
psf			8.23		2.34		0.99
2Q 2004	159	952,894	9,999,519		4,148,968		776,760
psf			10.49		4.35		0.82
3Q 2004	158	998,633	8,687,475		4,896,281		987,145
psf			8.70		4.90		0.99
4Q 2004	172	946,915	9,414,934		4,443,486		1,206,951
psf			9.94		4.69		1.27
2004 Total	653	3,862,478	$	36,040,731	$	15,746,087	$	3,928,113
psf			9.33		4.08		1.02

RENEWAL LEASE SUMMARY (1)

			Total Former		Total New		Increase/(Decrease)
	Number	GLA	ABR		ABR		Total Dollar		Percent
1Q 2004	173	575,060	$	5,855,999	$	6,170,759	$	314,760	5.4	%
psf			10.18		10.73		0.55
2Q 2004	208	917,298	8,749,749		9,356,171		606,422		6.9	%
psf			9.54		10.20		0.66
3Q 2004	186	782,328	6,906,108		7,404,768		498,660		7.2	%
psf			8.83		9.47		0.64
4Q 2004	229	1,143,478	9,310,376		10,163,461		853,085		9.2	%
psf			8.14		8.89		0.75
2004 Total	796	3,418,164	$	30,822,232	$	33,095,159	$	2,272,927	7.4	%
psf			9.02		9.68		0.66

(1) Renewal leases include expiring leases renewed with the same tenant and the exercise of options.  All other leases are categorized as new.

Data includes all leases in effect at March 31, 2004, June 30, 2004, September 30, 2004 and December 31, 2004, as applicable, including those that are fully executed, but not yet open.

ABR is presented on a cash basis.

Includes 100 percent of joint venture projects.

The above does not purport to disclose all items required under GAAP.

24

New Plan Excel Realty Trust, Inc.

Supplemental Disclosure - Quarter Ended December 31, 2004

Lease Expiration Schedule

		Number of	Leased	Percent of		ABR		Percent of
		Leases Expiring	GLA	GLA		Per Foot		Total ABR
2005		1,411	5,218,741	10.58	%	$	8.48	10.88	%
2006		1,223	5,348,994	10.84	%	8.80		11.57	%
2007		1,213	5,356,651	10.86	%	9.04		11.90	%
2008		935	4,992,062	10.12	%	8.55		10.49	%
2009		854	5,451,387	11.05	%	8.38		11.24	%
2010		403	4,418,781	8.96	%	6.70		7.28	%
2011		177	2,468,858	5.00	%	7.88		4.78	%
2012		140	1,393,383	2.82	%	9.03		3.09	%
2013		157	2,223,700	4.51	%	7.85		4.29	%
2014		126	2,205,387	4.47	%	8.03		4.35	%
2015	+	332	10,252,262	20.78	%	7.98		20.11	%
		6,971	49,330,206	100.0	%	$	8.25	100.0	%

Does not assume exercise of renewal options or base rent escalations over lease term.

Includes pro rata share of joint venture projects.

The above does not purport to disclose all items required under GAAP.

The Company’s Form 10-K for the year ended December 31, 2004 should be read in conjunction with the above information.

25

New Plan Excel Realty Trust, Inc.

Supplemental Disclosure - Quarter Ended December 31, 2004

Property Portfolio

	Property Name	City	State	Year Built (1)	Date Acquired	GLA (2)	Percent Leased (3)		ABR		Anchor Tenant (4)	Anchor Tenant Not Owned (4)
Stabilized Properties
	Community and Neighborhood Shopping Centers
1	Cloverdale Village	Florence	AL	1986	10/27/94	59,407	100	%	$	380,318	Big B Drugs,Winn-Dixie
2	Riverview Plaza	Gadsden	AL	1990	10/12/95	147,621	100	%	977,142		Wal-Mart
3	Grants Mill Station	Irondale	AL	1991	07/01/98	226,837	68	%	946,035		Wal-Mart
4	Payton Park	Sylacauga	AL	1995	07/01/98	231,820	100	%	1,403,587		Wal-Mart
5	Conway Towne Center	Conway	AR	1986	12/12/02	177,149	96	%	1,280,575		JC Penney	Office Depot
6	Glendale Galleria	Glendale	AZ	1991	08/01/97	119,461	91	%	1,139,455		Food City	Bally’s Fitness
7	Broadway Mesa	Mesa	AZ	1985	12/28/90	182,933	97	%	633,554		Kmart
8	Southern Village Mesa	Mesa	AZ	1987	08/01/97	84,054	98	%	742,031		Food City
9	Metro Marketplace	Phoenix	AZ	2001	06/21/91	251,175	77	%	1,982,888		Office Max, Toys R Us
10	Northmall Centre	Tucson	AZ	1996	12/31/96	168,585	100	%	1,625,934		CompUSA, Cost Plus, JC Penney Home Store, Stein Mart
11	Bakersfield Plaza	Bakersfield	CA	1990	06/20/97	213,164	96	%	2,003,462		Circuit City, Longs Drugs	Mervyn’s
12	Burbank Plaza	Burbank	CA	1988	05/01/89	14,176	100	%	241,670		—
13	Carmen Plaza	Camarillo	CA	2000	06/20/97	129,264	100	%	1,589,641		24 Hour Fitness Sport, Michael’s, Sav-on Drug	Big Lots, Trader Joe’s
14	Cudahy Plaza	Cudahy	CA	1994	06/20/97	138,430	100	%	708,423		Big Lots, Kmart
15	Arbor Faire	Fresno	CA	1993	04/09/97	199,986	91	%	1,882,296		Home Depot, PETsMART, Smart & Final	Mervyn’s
16	Broadway Faire	Fresno	CA	1995	04/09/97	60,383	78	%	851,674		United Artists
17	Briggsmore Plaza	Modesto	CA	1998	06/20/97	98,945	79	%	640,659		Big Lots, Grocery Outlet	In Shape Health Club
18	Montebello Plaza	Montebello	CA	1996	06/20/97	288,590	100	%	3,174,265		99c Only, Circuit City, Max Foods, Office Depot, Sav-On Drugs
19	Paradise Plaza	Paradise	CA	1997	06/20/97	198,484	100	%	815,457		Albertsons, Kmart, Rite Aid
20	Metro 580	Pleasanton	CA	2004	09/15/97	176,510	100	%	2,416,476		Borders, Kohl’s, Sports Chalet	Wal-Mart
21	Rose Pavilion	Pleasanton	CA	1994	02/27/98	292,848	90	%	4,584,790		Levitz Furniture, Macy’s Home Store	Long’s Drugs
22	San Dimas Plaza	San Dimas	CA	1986	10/07/97	119,161	100	%	2,090,387		T.J. Maxx	Ralphs, Rite Aid
23	Bristol Plaza	Santa Ana	CA	2003	06/20/97	111,403	100	%	1,738,352		Big Lots, PETCO, Rite Aid, Trader Joe’s	Michaels
24	Vail Ranch Center	Temecula	CA	2003	02/25/03	203,904	96	%	2,486,792		Stater Bros., Stein Mart
25	Arvada Plaza	Arvada	CO	1994	12/12/02	98,272	100	%	474,117		Arc Thrift Store, King Soopers
26	Aurora Plaza	Aurora	CO	1996	12/12/02	161,541	100	%	951,969		Big Lots, King Soopers, Latino Cinema
27	Superior Marketplace	Superior	CO	2004	07/31/02	252,253	99	%	3,568,695		Gart Bros. Sporting Goods, Michaels, Office Max, PETsMART, Ross Stores, T.J. Maxx, Wild Oats	Costco, SuperTarget
28	Westminster City Center	Westminster	CO	1996	12/16/97	341,600	100	%	4,478,523		Babies R Us, Barnes & Noble, Circuit City, CompUSA, Golfsmith, Gordmans
29	Brooksville Square	Brooksville	FL	1987	03/28/94	191,202	50	%	821,700		Publix
30	Clearwater Mall	Clearwater	FL	2003	01/30/04	285,519	96	%	4,953,549		Linens N’ Things, Ross	Costco, Lowe’s, Target
31	Coconut Creek	Coconut Creek	FL	2002	03/01/02	264,846	82	%	2,753,013		Big Lots, Publix
32	Northgate S.C.	DeLand	FL	1993	06/30/93	186,396	100	%	1,301,527		Kmart, Publix
33	Morse Shores	Ft. Myers	FL	2001	03/01/02	169,545	93	%	989,317		Bealls Outlet, Big Lots, Publix
34	Sun Plaza	Ft. Walton Beach	FL	2004	12/12/02	153,718	100	%	1,336,770		Circuit City, Office Depot, Publix, T.J. Maxx
35	Holly Hill Shopping Center	Holly Hill	FL	1998	12/12/02	116,096	91	%	862,526		Family Dollar, Winn-Dixie
36	Normandy Square	Jacksonville	FL	1996	12/12/02	87,240	100	%	638,049		CVS, Family Dollar, Winn-Dixie
37	Regency Park	Jacksonville	FL	2004	06/16/97	333,948	95	%	2,766,415		American Signature, Babies R Us, Marshalls, Rhodes Furniture
38	The Shoppes at Southside	Jacksonville	FL	2004	12/10/04	109,113	100	%	2,192,694		Best Buy, David’s Bridal, Sports Authority
39	Plaza 66	Kenneth City	FL	1995	12/12/02	95,320	100	%	767,091		Kash n’ Karry
40	Leesburg Square	Leesburg	FL	1986	12/23/92	91,682	92	%	625,668		International Super Buffet
41	Miami Gardens	Miami	FL	1996	10/06/97	244,719	100	%	2,292,849		Kmart, Ross, Winn-Dixie
42	Freedom Square	Naples	FL	1995	10/06/97	211,839	99	%	1,756,415		Kmart, Publix
43	Southgate	New Port Richey	FL	2004	08/27/97	262,910	97	%	1,246,861		Big Lots, Publix, Sticks N Stuff
44	Presidential Plaza	North Lauderdale	FL	1995	04/18/97	88,306	92	%	669,274		Family Dollar, Winn-Dixie
45	Silver Hills	Orlando	FL	1985	03/01/02	108,811	100	%	497,246		AutoZone, Buddy’s Home, Winn-Dixie
46	23rd Street Station	Panama City	FL	1995	07/01/98	98,827	95	%	957,031		Publix
47	Panama City Square	Panama City	FL	1992	06/25/03	289,119	96	%	1,715,547		Goody’s, Michaels, The Sports Authority, T.J. Maxx, Wal-Mart
48	Pensacola Square	Pensacola	FL	1995	12/12/02	142,501	93	%	1,155,243		Circuit City, Ethan Allen, Office Max	Books-A-Million, Hobby Lobby
49	Riverwood	Port Orange	FL	1996	09/05/97	93,506	93	%	454,206		Walgreens, Winn-Dixie
50	Seminole Plaza	Seminole	FL	1995	06/11/98	146,579	100	%	904,672		Burlington Coat Factory, T.J. Maxx

26

	Property Name	City	State	Year Built (1)	Date Acquired	GLA (2)	Percent Leased (3)		ABR	Anchor Tenant (4)	Anchor Tenant Not Owned (4)
51	Eagles Park	St. Petersburg	FL	1986	03/01/02	124,971	80	%	857,465	Publix
52	Rutland Plaza	St. Petersburg	FL	2002	11/01/96	149,562	100	%	1,171,164	Big Lots, Winn-Dixie
53	Skyway Plaza	St. Petersburg	FL	2002	12/12/02	110,799	98	%	874,182	Dollar Tree, Kash n’ Karry, Walgreens
54	Downtown Publix	Stuart	FL	2000	03/01/02	153,909	99	%	1,280,036	Publix, Schumacher Music
55	Tarpon Mall	Tarpon Springs	FL	2003	12/12/02	127,965	71	%	874,351	Publix
56	Albany Plaza	Albany	GA	1995	05/12/94	114,169	100	%	640,203	Big Lots, Food Lion
57	Southgate Plaza	Albany	GA	1969	07/11/90	59,816	100	%	414,469	Bargain Town, Cititrends, OK Beauty Supply, Save-A-Lot
58	Perlis Plaza	Americus	GA	1972	07/11/90	165,315	96	%	901,038	Belk’s, Harveys
59	Northeast Plaza	Atlanta	GA	2004	12/12/02	442,714	98	%	3,101,985	Furniture Plus, Publix
60	North Leg Plaza	Augusta	GA	1997	12/12/02	118,580	97	%	597,254	Bealls Outlet, Big Lots, Food Lion
61	Sweetwater Village	Austell	GA	1985	10/27/94	66,197	100	%	470,188	CVS, SaveRite
62	Cedar Plaza	Cedartown	GA	1994	10/27/94	83,300	99	%	560,326	Badcock Furniture, Kroger
63	Covered Bridge	Clayton	GA	2001	12/12/02	61,375	100	%	432,517	BI-LO, Family Dollar
64	Cordele Square	Cordele	GA	2002	07/11/90	126,427	97	%	566,245	Belk’s, Goody’s, Harvey Foods
65	Southgate Plaza	Cordele	GA	1969	07/11/90	39,262	97	%	100,589	Fred’s Dollar Store
66	Habersham Crossing	Cornelia	GA	1990	03/01/96	161,278	98	%	788,246	B.C. Moore, Wal-Mart
67	Habersham Village	Cornelia	GA	1985	05/06/92	147,182	99	%	762,036	Kmart, Winn-Dixie
68	Covington Gallery	Covington	GA	1991	12/30/93	174,857	98	%	1,035,728	Ingles, Kmart
69	Northside Plaza	Dalton	GA	2001	10/11/95	73,931	96	%	519,599	BI-LO, Family Dollar
70	Midway Village	Douglasville	GA	1989	05/01/97	73,028	91	%	507,652	SaveRite
71	Westgate	Dublin	GA	2004	07/11/90	118,938	93	%	629,071	Beall’s, Big Lots, Food Max	Home Depot
72	Marshalls at Eastlake	Marietta	GA	1982	10/26/98	55,193	100	%	471,661	Marshalls
73	New Chastain Corners	Marietta	GA	2004	07/17/97	113,079	98	%	1,126,226	Kroger
74	Pavilions at Eastlake	Marietta	GA	1996	03/01/99	159,088	88	%	1,596,231	Ace Hardware, Kroger
75	Village at Southlake	Morrow	GA	1983	04/13/98	53,384	95	%	412,489	Family Dollar, Marshalls
76	Perry Marketplace	Perry	GA	2004	12/30/92	179,973	98	%	1,027,705	Ace Hardware, Bealls Outlet, Fred’s, Kroger
77	Creekwood Shopping Center	Rex	GA	1990	05/01/97	69,778	98	%	575,047	SaveRite
78	Shops of Riverdale	Riverdale	GA	1995	02/15/96	16,808	86	%	194,272	—	Wal-Mart
79	Eisenhower Square	Savannah	GA	1997	07/16/97	125,120	98	%	771,621	Eisenhower Cinema, Food Lion
80	Victory Square	Savannah	GA	1998	07/02/92	168,514	81	%	1,075,388	Food Lion, Scotty’s
81	Wisteria Village	Snellville	GA	2004	10/11/95	173,152	100	%	1,028,194	Hobby Lobby, Kmart
82	University Commons	Statesboro	GA	1994	07/24/96	59,814	100	%	569,970	—
83	Stockbridge Village	Stockbridge	GA	1991	04/29/04	188,203	99	%	2,676,005	Kroger
84	Tift-Town	Tifton	GA	1965	07/11/90	58,818	84	%	221,508	Bealls Outlet, Family Dollar, Salvation Army
85	Westgate	Tifton	GA	1980	07/11/90	16,307	100	%	142,100	—
86	Haymarket Mall	Des Moines	IA	2002	05/12/95	239,508	95	%	1,247,833	Burlington Coat Factory, Hobby Lobby
87	Haymarket Square	Des Moines	IA	2002	05/12/95	269,465	98	%	1,703,900	Big Lots, Dahl’s Foods, Northern Tool, Nova Cinema, Office Depot
88	Annex of Arlington	Arlington Heights	IL	1999	08/26/04	197,328	99	%	2,447,207	Barnes & Noble, PetsMart, Sports Authority, Trader Joe’s
89	Festival Center	Bradley	IL	2000	12/12/02	63,796	23	%	118,506	—
90	Southfield Plaza	Bridgeview	IL	2000	12/03/96	198,331	91	%	1,832,205	Dominick’s Foods, Hobby Lobby
91	Pershing Plaza	Decatur	IL	1986	12/12/02	90,109	100	%	392,883	Big Lots, Hobby Lobby
92	Elk Grove Town Center	Elk Grove Village	IL	1998	01/30/04	131,849	99	%	2,019,098	Dominick’s Foods, Walgreen
93	Freeport Plaza	Freeport	IL	2000	12/12/02	87,846	94	%	448,456	Cub Foods, Stone’s Hallmark
94	Westridge Court	Naperville	IL	2002	07/18/97	454,183	86	%	4,987,968	Borders, CompUSA, Cub Foods, Linens ‘N Things, Marshalls, Nova 8 Theatre
95	Olympia Corners	Olympia Fields	IL	1988	12/12/02	113,070	98	%	958,919	Jewel-Osco
96	Elkhart Plaza West	Elkhart	IN	1997	12/12/02	81,651	100	%	663,354	CVS, Martin’s Super Market
97	Elkhart Market Centre	Goshen	IN	1994	12/12/02	356,915	100	%	1,969,074	Sam’s Wholesale Club, Wal-Mart
98	Marwood Plaza	Indianapolis	IN	1992	12/12/02	107,080	96	%	735,426	CVS, Fashion Bug Plus, Kroger
99	Westlane Shopping Center	Indianapolis	IN	1982	12/12/02	71,490	100	%	413,939	CVS, Family Dollar, Lo Bill Foods
100	Valley View Plaza	Marion	IN	1997	03/28/94	29,974	96	%	313,516	—	Wal-Mart
101	Town Fair	Princeton	IN	1991	02/09/93	119,439	100	%	490,025	Goody’s, Kmart
102	Knox Plaza	Vincennes	IN	1989	12/12/02	72,914	90	%	303,305	Buehler Foods	Big Lots
103	Wabash Crossing	Wabash	IN	1988	12/16/93	172,492	41	%	665,699	Tractor Supply

27

	Property Name	City	State	Year Built (1)	Date Acquired	GLA (2)	Percent Leased (3)		ABR	Anchor Tenant (4)	Anchor Tenant Not Owned (4)
104	Green River Plaza	Campbellsville	KY	1989	03/08/96	190,316	98	%	1,013,418	Goody’s, JC Penney, Kroger
105	Kmart Plaza	Elizabethtown	KY	1992	02/04/93	130,466	98	%	789,143	Kmart, Staples
106	Florence Plaza	Florence	KY	1985	12/12/02	170,404	99	%	1,008,075	99 Center, Hobby Lobby, Rhodes Furniture	Toys R Us
107	Florence Square	Florence	KY	2000	03/17/04	361,251	95	%	3,693,408	HomeGoods, Kroger, National Amusement, Staples, TJ Maxx
108	Highland Commons	Glasgow	KY	1992	03/31/93	130,466	100	%	758,899	Food Lion, Kmart
109	Mist Lake Plaza	Lexington	KY	1993	07/01/98	217,292	100	%	1,687,448	Wal-Mart
110	London Marketplace	London	KY	1994	03/17/94	169,032	100	%	968,773	Goody’s, Kmart, Kroger
111	Eastgate Shopping Center	Louisville	KY	2002	11/10/93	162,041	95	%	1,203,892	Kincaid Home Furnishings, Kroger
112	Picadilly Square	Louisville	KY	1973	04/25/89	96,370	71	%	402,146	Big Lots, Royal Garden Buffet
113	Towne Square North	Owensboro	KY	1988	12/12/02	163,252	95	%	900,904	Books-A-Million, Hobby Lobby, Office Depot
114	Lexington Road Plaza	Versailles	KY	1994	04/28/94	182,578	99	%	1,239,379	Kmart, Kroger
115	Karam Shopping Center	Lafayette	LA	1998	12/12/02	100,238	100	%	349,773	Conn’s Appliance, Super 1 Foods
116	Desiard Plaza	Monroe	LA	1995	12/12/02	65,439	93	%	313,732	Brookshire’s, Family Dollar
117	Iberia Plaza	New Iberia	LA	1992	03/01/02	132,107	97	%	663,416	Stage, Super 1 Foods
118	Lagniappe Village	New Iberia	LA	1990	07/01/98	213,108	99	%	1,061,454	Big Lots
119	The Pines	Pineville	LA	1991	03/01/02	179,039	100	%	872,883	Kmart, Super 1 Foods
120	Points West	Brockton	MA	1984	12/12/02	144,042	100	%	876,137	HomeGoods, Ocean State Job Lot
121	Holyoke Shopping Center	Holyoke	MA	2000	12/12/02	204,875	99	%	1,263,772	Stop & Shop
122	Liberty Plaza	Randallstown	MD	1983	05/12/95	215,634	80	%	1,330,775	Marshalls
123	Rising Sun Towne Centre	Rising Sun	MD	1998	06/04/99	66,702	100	%	625,714	Family Dollar, Martin’s
124	Maple Village	Ann Arbor	MI	2000	10/14/94	288,046	91	%	1,598,110	Dunham’s, Kmart
125	Farmington Crossroads	Farmington	MI	1986	12/11/95	84,310	98	%	679,436	Farmer Jack
126	Silver Lake	Fenton	MI	1996	01/03/03	77,302	100	%	1,013,495	Glik’s, VG’S Food	Kmart
127	Silver Pointe Shopping Center	Fenton	MI	1996	11/23/04	86,141	97	%	1,066,635	Sears
128	Fremont	Fremont	MI	1995	01/03/03	40,800	100	%	237,985	Glik’s
129	Cascade East	Grand Rapids	MI	1983	01/03/03	99,542	94	%	764,906	D&W Food Center, Powerhouse Gym
130	Kentwood	Kentwood	MI	1987	01/03/03	78,007	71	%	480,715	D&W Food Center, Spartan Stores Credit Union
131	Delta Center	Lansing	MI	2003	12/12/95	186,246	98	%	1,920,515	Bed,Bath and Beyond, Pet Food Warehouse, T.J. Maxx
132	Hampton Village Centre	Rochester Hills	MI	2004	12/12/95	459,285	96	%	5,018,457	Kohl’s, Star Theatre, T.J. Maxx	Target
133	Fashion Corner	Saginaw	MI	2004	12/12/95	189,260	83	%	1,412,301	Bed, Bath & Beyond, Best Buy, Dunham’s
134	Green Acres	Saginaw	MI	1995	12/12/02	271,506	88	%	1,592,794	A.J. Wright, Big Lots, Farmer Jack
135	Hall Road Crossing	Shelby Township	MI	1999	12/12/95	175,763	100	%	1,990,378	Gander Mountain, Michaels, Old Navy, TJ Maxx
136	Southfield Shopping Center	Southfield	MI	2002	02/12/98	106,948	95	%	1,019,930	Dollar Castle, Farmer Jack	Burlington Coat Factory, Marshalls, Staples
137	18 & Ryan	Sterling Heights	MI	1997	01/03/03	98,728	100	%	1,331,780	Murray’s Auto Parts, Sears Hardware, VG’S Food
138	Delco Plaza	Sterling Heights	MI	1996	11/14/96	154,853	92	%	847,896	Babies R Us, Bed, Bath & Beyond, Dunham’s
139	Harvest Place	Stevensville	MI	1994	01/03/03	61,965	100	%	520,610	Martin’s Supermarket
140	Westland Crossing	Westland	MI	1999	11/16/99	141,738	92	%	1,318,032	Grand Prix of America, Michaels	Toys R Us
141	Roundtree Place	Ypsilanti	MI	1992	07/01/98	195,413	100	%	1,283,802	Busch Grocery, Wal-Mart
142	University IV	Spring Lake Park	MN	1988	12/12/02	55,715	98	%	473,698	Northwest Bookstore, The Gym
143	Jacksonian Plaza	Jackson	MS	1990	03/01/02	87,721	100	%	351,136	Books-A-Million, Georgia Carpet Outlet, Office Depot
144	Stanly County Plaza	Albemarle	NC	1988	03/28/94	63,637	99	%	466,196	Ingles	Wal-Mart
145	Village Marketplace	Asheboro	NC	1991	04/13/95	87,869	92	%	599,495	Big Lots
146	Macon Plaza	Franklin	NC	2001	12/12/02	92,787	91	%	366,214	BI-LO, Peebles
147	Foothills Market	Jonesville	NC	1996	06/05/95	49,630	98	%	271,449	Food Lion
148	Chapel Square	Kannapolis	NC	1992	12/01/94	45,450	88	%	305,822	CVS, Food Lion	Wal-Mart
149	Kinston Pointe	Kinston	NC	2001	07/05/95	250,580	98	%	701,926	Dollar Tree, Wal-Mart
150	Siler Crossing	Siler City	NC	1988	06/05/95	132,639	93	%	540,727	Belk-Yates
151	Crossroads Center	Statesville	NC	1997	02/27/96	340,190	100	%	2,090,571	Wal-Mart
152	Thomasville Crossing	Thomasville	NC	1996	04/18/97	78,509	97	%	658,685	Eckerd, Lowes Food
153	Anson Station	Wadesboro	NC	1988	08/23/95	132,353	97	%	726,026	B.C. Moore, Food Lion, Wal-Mart
154	Roanoke Landing	Williamston	NC	1991	01/02/96	156,561	94	%	938,210	Wal-Mart, Winn-Dixie	Belk’s
155	Stratford Commons	Winston-Salem	NC	1995	12/30/96	72,308	100	%	929,833	Michaels, Natural Health Superstore, Office Max
156	Laurel Square	Brick	NJ	2003	07/13/92	246,235	99	%	1,916,727	Kmart, Pathmark

28

	Property Name	City	State	Year Built (1)	Date Acquired	GLA (2)	Percent Leased (3)		ABR	Anchor Tenant (4)	Anchor Tenant Not Owned (4)
157	Hamilton Plaza-Kmart Plaza	Hamilton	NJ	1972	05/12/94	149,060	100	%	868,012	Hamilton Home Furnishings, Kmart
158	Bennetts Mills Plaza	Jackson	NJ	2002	09/01/94	127,230	99	%	1,289,783	Stop & Shop
159	Middletown Plaza	Middletown	NJ	2002	01/01/75	198,068	95	%	2,725,828	ShopRite
160	Paseo del Norte	Albuquerque	NM	2004	03/01/02	50,400	91	%	131,991	-
161	Renaissance Center East	Las Vegas	NV	1981	10/17/96	142,370	92	%	1,276,492	Albertsons
162	Kietzke Center	Reno	NV	1986	06/20/97	167,296	92	%	1,210,772	Ric’s Furniture, Winans Furniture	Ashley Furniture, Sportsman Warehouse
163	University Mall	Canton	NY	1967	01/01/76	81,027	100	%	358,335	Rexford’s Hardware, Wisebuys
164	Cortlandville	Cortland	NY	2003	08/04/87	100,300	69	%	257,130	Big Lots, Country Max, Kinney Drugs
165	Kmart Plaza	De Witt	NY	1970	08/03/93	115,500	100	%	596,895	Kmart, Office Max
166	D & F Plaza	Dunkirk	NY	1967	01/01/86	201,025	88	%	886,054	Big Lots, Quality Markets
167	Elmira Plaza	Elmira	NY	2001	02/13/89	50,803	89	%	135,728	Big Lots, Dollar General
168	Genesee Valley Shopping Center	Geneseo	NY	1993	07/01/98	204,609	100	%	1,483,308	Wal-Mart, Wegmans
169	Pyramid Mall	Geneva	NY	1990	08/03/93	239,500	59	%	1,062,539	Big Lots, Tops Markets
170	McKinley Plaza	Hamburg	NY	1991	06/14/92	93,144	100	%	1,019,832	A.C. Moore, T.J. Maxx
171	Cayuga Mall	Ithaca	NY	1969	05/12/89	205,381	99	%	1,171,520	Eckerd, P&C Foods, T.J. Maxx
172	Monroe ShopRite Plaza	Monroe	NY	1985	08/01/97	122,394	100	%	1,517,617	ShopRite, US Postal
173	Rockland Plaza	Nanuet	NY	2004	01/01/83	249,631	96	%	4,439,927	Duane Reade, Marshalls
174	South Plaza	Norwich	NY	2004	04/01/83	143,620	70	%	347,295	Plaza Lanes, Save-A-Lot, Tractor Supply
175	Westgate Plaza	Oneonta	NY	1967	01/20/84	71,952	62	%	118,617	Wal-Mart (warehouse)
176	Oswego Plaza	Oswego	NY	1996	01/01/77	128,087	97	%	609,100	Big Lots, JC Penney
177	Westgate Manor	Rome	NY	2004	01/01/86	75,813	99	%	462,934	Big Lots, Rome Cinemas
178	Northland	Watertown	NY	2004	01/01/73	131,982	29	%	362,559	—
179	Ashland Square	Ashland	OH	1991	10/06/93	163,168	99	%	953,472	Wal-Mart
180	Harbor Plaza	Ashtabula	OH	2003	02/20/91	51,794	36	%	247,554	Harbor Market
181	Springbrook Plaza	Canton	OH	1989	12/12/02	174,353	98	%	1,405,043	Circuit City, OfficeMax	Ashley Furniture, Pat Catan’s Craft
182	Brentwood Plaza	Cincinnati	OH	2004	05/04/94	222,708	96	%	1,933,380	Kroger
183	Delhi	Cincinnati	OH	2002	05/22/96	166,317	97	%	1,465,161	Big Lots, Kroger
184	Harpers Station	Cincinnati	OH	2000	09/11/03	240,681	99	%	2,415,912	Bova Furniture, Dillard’s, HomeGoods, Stein Mart, TJ Maxx
185	Hillcrest Square	Cincinnati	OH	1996	12/12/02	150,218	97	%	542,381	Furniture & Mattress Dist. Center, Kroger
186	Crown Point	Columbus	OH	1998	07/23/98	147,427	95	%	1,187,319	Kroger, Lombards
187	Greentree Shopping Center	Columbus	OH	1998	07/23/98	128,501	92	%	976,433	Kroger
188	Karl Plaza	Columbus	OH	1992	12/12/02	99,044	98	%	756,986	Staples, Super Seafood Buffet
189	South Towne Centre	Dayton	OH	1994	03/27/92	316,169	98	%	2,468,828	Borders, Burlington Coat Factory, Kmart, Value City Furniture
190	Heritage Square	Dover	OH	2004	08/31/93	181,732	90	%	708,932	Giant Eagle
191	The Vineyards	Eastlake	OH	1989	12/12/02	144,820	97	%	1,157,671	Tops Markets	Wal-Mart
192	Midway Crossing	Elyria	OH	1986	12/11/95	138,247	100	%	1,021,703	Dunham’s, Jo-Ann Fabrics, TJ Maxx	Toys R Us
193	Midway Market Square	Elyria	OH	2001	11/20/02	234,670	97	%	2,661,096	Circuit City, Dick’s Sporting Goods, Giant Eagle, Sofa Express	Home Depot, Target
194	Napoleon Center	Napoleon	OH	1991	12/12/02	60,795	100	%	461,560	Chief Supermarket, Rite Aid
195	New Boston	New Boston	OH	2000	02/17/93	238,711	78	%	1,149,452	Wal-Mart
196	Brice Park	Reynoldsburg	OH	1989	03/04/98	158,742	96	%	1,795,350	Gregg Appliances, Michaels, Old Navy
197	Starlite Plaza	Sylvania	OH	2000	07/22/04	222,450	91	%	1,622,667	Farmer Jack
198	Alexis Park	Toledo	OH	1988	12/12/02	258,942	72	%	793,989	Value City
199	Marketplace	Tulsa	OK	1992	09/01/04	186,851	100	%	1,750,139	CompUSA, Drysdale’s, Oshman’s, PetsMart
200	Bethel Park	Bethel Park	PA	2004	05/14/97	218,714	100	%	1,391,991	Giant Eagle, Wal-Mart
201	Bristol Plaza	Bristol	PA	1989	12/12/02	145,356	97	%	1,432,728	Big Lots, Pathmark
202	New Britain Village Square	Chalfont	PA	1989	01/09/04	143,716	98	%	2,123,431	Genuardi’s Family Market
203	Dickson City Crossings	Dickson City	PA	1997	09/30/03	301,462	100	%	2,756,571	Circuit City, Dick’s Sporting Goods, Home Depot, PETsMART, TJ Maxx
204	Dillsburg Shopping Center	Dillsburg	PA	2002	10/16/96	146,193	74	%	1,483,677	Giant Food
205	Market Street Square	Elizabethtown	PA	1993	10/06/97	169,481	100	%	1,427,948	Kmart, Weis Markets
206	Johnstown Galleria Outparcel	Johnstown	PA	1993	07/31/97	61,968	100	%	401,560	Chuck E. Cheese, Dunham’s, Staples
207	New Garden	Kennett Square	PA	2001	06/20/97	146,720	97	%	693,030	Acme Markets, Big Lots
208	Stone Mill Plaza	Lancaster	PA	1993	01/06/94	94,493	91	%	859,938	Giant Food, Rent-To-Own
209	Roosevelt Mall	Philadelphia	PA	1988	01/01/64	561,299	99	%	6,411,119	Strawbridge’s

29

	Property Name	City	State	Year Built (1)	Date Acquired	GLA (2)	Percent Leased (3)		ABR	Anchor Tenant (4)	Anchor Tenant Not Owned (4)
210	Hampton Square	Southampton	PA	2002	12/29/98	62,933	100	%	695,973	Eckerd
211	Shops at Prospect	West Hempfield	PA	1994	07/31/95	63,392	100	%	526,127	Hallmark, Redner’s Warehouse Market	Kmart
212	Hunt River Commons	North Kingstown	RI	1989	12/12/02	148,126	100	%	1,390,693	Marshalls, Ocean State Job Lot, Stop & Shop
213	South Park	Aiken	SC	1991	12/12/02	55,583	100	%	285,913	Fred’s, Goodwill Emporium
214	Circle Center	Hilton Head	SC	2000	03/24/94	65,313	97	%	700,481	BI-LO
215	Palmetto Crossroads	Hilton Head	SC	2000	10/18/95	40,910	100	%	328,390	Food Lion, Market Area Real Estate Sales
216	Island Plaza	James Island	SC	2004	10/06/97	171,224	95	%	845,526	Dollar Tree, Fred’s, Food Lion
217	Lexington Town Square	Lexington	SC	1995	12/12/02	75,763	100	%	421,989	Animal Supply House, Food Lion, Musicans Supply
218	Festival Centre	North Charleston	SC	2004	12/12/02	323,742	94	%	1,677,531	Fred’s, Hamrick’s Apparel, Holiday Inn Worldwide, Home Décor Outlet, Piggly Wiggly
219	Remount Village	North Charleston	SC	1996	11/13/96	60,238	94	%	524,699	BI-LO
220	Congress Crossing	Athens	TN	1990	11/10/88	172,305	100	%	1,095,984	BI-LO, Kmart
221	St. Elmo Central	Chattanooga	TN	1995	08/06/96	74,978	100	%	671,423	CVS, Winn-Dixie
222	Saddletree Village	Columbia	TN	1990	06/15/98	45,800	94	%	297,932	Dollar General, Food Lion
223	West Towne Square	Elizabethton	TN	1998	06/09/98	99,224	86	%	571,766	Dollar Tree, Winn-Dixie
224	Greeneville Commons	Greeneville	TN	2002	03/10/92	228,618	99	%	1,579,610	Kmart, Proffitt’s
225	Hazel Path	Hendersonville	TN	1989	11/27/95	67,965	87	%	466,520	Food Lion	Wal-Mart
226	Kimball Crossing	Kimball	TN	1997	11/27/95	280,476	100	%	1,822,782	Factory Direct Home Furnishing, Wal-Mart
227	Chapman-Ford Crossing	Knoxville	TN	1990	12/30/92	185,604	88	%	849,944	Goody’s
228	Chapman Square	Knoxville	TN	2004	12/12/02	53,591	73	%	370,316	Dollar Tree	Kroger
229	Farrar Place Shopping Center	Manchester	TN	1989	12/15/95	43,220	100	%	348,153	Dollar General, Food Lion	The Crystal Company
230	Georgetown Square	Murfreesboro	TN	2003	09/29/93	104,117	100	%	962,802	Kroger
231	Apison Crossing	Ooltewah	TN	1997	07/29/97	79,048	98	%	609,170	Dollar Tree, Winn-Dixie
232	Madison Street Station	Shelbyville	TN	1999	10/11/95	56,766	97	%	324,993	BI-LO, Dollar Tree
233	Commerce Central	Tullahoma	TN	1995	08/09/96	182,401	98	%	1,220,045	Wal-Mart
234	Merchant’s Central	Winchester	TN	1997	12/09/97	208,123	96	%	1,135,027	Wal-Mart
235	Palm Plaza	Aransas	TX	1979	03/01/02	52,100	83	%	290,261	Bealls (Stage), Family Dollar
236	Bardin Place Center	Arlington	TX	1993	10/06/97	310,184	98	%	2,880,001	Hemispheres, Oshman’s	Hobby Lobby
237	Windsor Village	Austin	TX	1997	03/01/02	114,776	94	%	780,283	Bealls (Stage), New Light Church
238	Baytown Shopping Center	Baytown	TX	1987	03/01/02	96,146	87	%	808,571	—
239	Cedar Bellaire	Bellaire	TX	1994	03/01/02	50,967	100	%	465,626	H.E.B. Pantry Foods, ICI Paints
240	El Camino	Bellaire	TX	1972	03/01/02	71,575	100	%	384,349	Food City, Family Dollar, Hancock Fabrics
241	Rice Bellaire	Bellaire	TX	2000	03/01/02	20,465	100	%	450,256	Walgreens
242	Brenham Four Corners	Brenham	TX	1997	03/01/02	114,571	100	%	771,035	CVS, H.E.B., Palais Royal
243	Bryan Square	Bryan	TX	2001	03/01/02	55,115	100	%	178,616	Firestone, Kroger
244	Townshire	Bryan	TX	2002	03/01/02	136,693	87	%	731,849	Albertsons, Tops Printing
245	Plantation Plaza	Clute	TX	1997	03/01/02	100,397	99	%	772,847	Kroger, Walgreens
246	Rock Prairie Crossing	College Station	TX	2002	03/01/02	119,041	100	%	1,109,760	CVS, Kroger
247	Carmel Village	Corpus Christi	TX	1993	03/01/02	85,833	93	%	668,344	Bay Area Dialysis, Bealls (Stage) , Tuesday Morning
248	Five Points	Corpus Christi	TX	1993	03/01/02	276,593	93	%	1,919,022	Bealls (Stage), Hobby Lobby, Sutherland Lumber
249	Claremont Village	Dallas	TX	1976	03/01/02	66,980	97	%	436,555	Family Dollar, Minyard’s
250	Jeff Davis	Dallas	TX	1975	03/01/02	69,563	100	%	466,679	Blockbuster, Carnival, Family Dollar
251	Stevens Park Village	Dallas	TX	1974	03/01/02	45,492	100	%	422,171	Minyard, O’Reilly’s Auto Parts
252	Webb Royal	Dallas	TX	1992	03/01/02	108,627	90	%	686,115	Minyard, Nothing Over $1.00
253	Westmoreland Heights	Dallas	TX	1952	03/01/02	108,033	98	%	609,589	Malone’s
254	Wynnewood Village	Dallas	TX	1996	03/01/02	464,854	86	%	3,559,424	Fallas Paredes, Kroger
255	Parktown	Deer Park	TX	1999	03/01/02	122,693	97	%	791,256	Burke’s Outlet, Gerland’s, Walgreens
256	Kenworthy Crossing	El Paso	TX	2003	03/01/02	70,969	91	%	450,250	Albertsons
257	The Market at Preston Ridge	Frisco	TX	2003	09/01/04	50,326	96	%	873,228	CompUSA
258	Forest Hills	Ft. Worth	TX	1968	03/01/02	69,651	100	%	297,960	Family Dollar, Fiesta, Hi Style Fashion
259	Westcliff	Ft. Worth	TX	1999	03/01/02	133,705	84	%	611,484	Cook Children’s Health Foundation, Minyard’s
260	Village Plaza	Garland	TX	2002	03/01/02	89,241	98	%	798,680	Truong Nguyen Grocer
261	North Hills Village	Haltom City	TX	1998	03/01/02	43,299	82	%	142,236	Ace Hardware, Save-A-Lot
262	Highland Village Town Center	Highland Village	TX	1996	03/01/02	99,341	100	%	1,141,722	Kroger
263	Antoine Square	Houston	TX	1974	03/01/02	54,512	9	%	77,544	—

30

	Property Name	City	State	Year Built (1)	Date Acquired	GLA (2)	Percent Leased (3)		ABR	Anchor Tenant (4)	Anchor Tenant Not Owned (4)
264	Bay Forest	Houston	TX	2004	03/01/02	71,667	100	%	656,628	Kroger
265	Beltway South	Houston	TX	1998	03/01/02	107,174	99	%	885,556	Kroger
266	Braes Heights	Houston	TX	2003	03/01/02	100,264	90	%	1,341,879	CVS
267	Braes Link	Houston	TX	1999	03/01/02	38,997	100	%	591,056	Classic Fine Furniture, Walgreens
268	Braes Oaks	Houston	TX	1992	03/01/02	46,720	96	%	393,488	H.E.B. Pantry Foods
269	Braesgate	Houston	TX	1997	03/01/02	91,670	92	%	485,933	—
270	Broadway	Houston	TX	1996	03/01/02	74,942	96	%	482,625	Dollar General, The Worksource
271	Clear Lake Camino South	Houston	TX	2004	03/01/02	112,803	98	%	1,401,078	24 Hour Fitness, Hancock Fabrics, Mr. Gatti’s Pizza, Spec’s Liquors
272	Fondren	Houston	TX	1999	03/01/02	45,873	98	%	412,925	La Canasta
273	Hearthstone Corners	Houston	TX	1998	03/01/02	208,147	94	%	1,612,681	Big Lots, Kroger, Stein Mart
274	Huntington Village	Houston	TX	1987	03/01/02	112,287	97	%	837,866	Family Dollar, Foodtown, Twice Blessed
275	Inwood Forest	Houston	TX	1997	03/01/02	77,553	89	%	677,853	Randalls
276	Jester Village	Houston	TX	1988	03/01/02	64,442	76	%	417,342	H.E.B. Pantry Foods
277	Jones Plaza	Houston	TX	2000	03/01/02	111,355	98	%	1,082,712	24 Hour Fitness, Hancock Fabrics
278	Jones Square	Houston	TX	1999	03/01/02	169,003	100	%	1,078,548	Big Lots, Hobby Lobby
279	Lazybrook	Houston	TX	1988	03/01/02	10,745	81	%	101,952	—
280	Long Point Square	Houston	TX	2002	03/01/02	74,329	88	%	415,036	Family Dollar, Family Thrift, O’Reilly’s Auto Parts
281	Maplewood Mall	Houston	TX	2004	03/01/02	94,360	82	%	502,156	Burke’s Outlet, Cox’s Foodarama, Family Dollar
282	Merchants Park	Houston	TX	2004	03/01/02	241,742	96	%	1,991,821	Big Lots, Kroger, Planters Bank
283	Mount Houston Square	Houston	TX	1996	03/01/02	173,080	94	%	1,097,024	Fallas Paredes
284	North 45 Plaza	Houston	TX	1975	03/01/02	132,239	80	%	654,955	—
285	Northgate	Houston	TX	1972	03/01/02	43,244	78	%	253,105	Firestone
286	Northshore East	Houston	TX	2001	03/01/02	90,820	97	%	1,225,757	Office Depot, River Oaks Imaging & Diagnostic
287	Northshore West	Houston	TX	1997	03/01/02	144,982	81	%	1,042,990	Conn Appliances, PETCO, Sellers Brothers
288	Northtown Plaza	Houston	TX	1990	03/01/02	192,009	99	%	1,614,656	Big Lots, Factory 2-U, Fallas Paredes
289	Northwood	Houston	TX	1972	03/01/02	140,148	91	%	894,474	Davis Food City
290	Pinemont	Houston	TX	1999	03/01/02	76,477	90	%	834,419	Family Dollar, Houston Community College
291	Stella Link	Houston	TX	1998	03/01/02	99,727	79	%	567,193	Conn’s Clearance, Food City
292	Tanglewilde	Houston	TX	1998	03/01/02	87,309	86	%	805,394	Party City, Salon In The Park
293	Tidwell Place	Houston	TX	1991	03/01/02	41,855	63	%	291,888	Doctors Hospital, Family Dollar
294	Westheimer Commons	Houston	TX	1995	03/01/02	249,656	90	%	2,056,943	Marshalls, Michaels
295	Irving West	Irving	TX	2004	09/14/93	70,056	95	%	471,005	Ko-mart
296	Washington Square	Kaufman	TX	1978	03/01/02	66,607	84	%	248,572	Auto Zone, Bealls (Stage), CVS, Family Dollar
297	League City	League City	TX	1992	03/01/02	99,021	90	%	488,812	Bealls (Stage), Family Dollar, Jo-Ann Fabrics
298	Jefferson Park	Mount Pleasant	TX	2001	03/01/02	134,441	91	%	724,463	Bealls (Stage), Super 1 Foods
299	Crossroads Center	Pasadena	TX	1997	03/01/02	138,943	88	%	1,291,925	Kroger, Sears Hardware
300	Parkview East	Pasadena	TX	2002	03/01/02	38,186	93	%	311,956	Dollar General, Hancock Fabrics
301	Parkview West	Pasadena	TX	1991	03/01/02	39,939	91	%	324,686	Family Dollar
302	Spencer Square	Pasadena	TX	1998	03/01/02	194,512	97	%	2,203,041	Kroger
303	Pearland Plaza	Pearland	TX	1995	03/01/02	156,661	97	%	1,057,246	Kroger, Palais Royal
304	Northshore Plaza	Portland	TX	2000	12/12/02	152,144	95	%	799,566	Bealls (Stage), H.E.B.	Kmart
305	Klein Square	Spring	TX	1999	03/01/02	80,857	97	%	686,696	Family Dollar, Foodtown
306	Keegan’s Meadow	Stafford	TX	1999	03/01/02	125,298	96	%	1,128,332	Palais Royal, Randalls
307	Texas City Bay	Texas City	TX	1997	03/01/02	235,784	51	%	904,211	Kroger
308	Village Center	Victoria	TX	1982	03/01/02	118,827	78	%	401,157	Bealls (Stage), Dollar King, Victoria Office Equipment
309	Hanover Square	Mechanicsville	VA	1991	01/06/93	129,987	94	%	1,386,360	Toy Works, Ukrops Supermarket	Kohl’s
310	Victorian Square	Midlothian	VA	1991	03/24/94	271,215	94	%	1,493,111	Kmart, Kroger
311	Jefferson Green	Newport News	VA	1988	12/12/02	55,045	100	%	698,173	Northern Handyman
312	VA-KY Regional S.C.	Norton	VA	1996	12/30/92	193,238	100	%	1,287,804	Goody’s, Ingles, Wal-Mart
313	Cross Pointe Marketplace	Richmond	VA	1987	12/12/02	73,788	77	%	416,412	Food Lion
314	Tuckernuck Square	Richmond	VA	1994	12/12/02	86,010	100	%	980,530	Babies R Us, Chuck E. Cheese
315	Hunting Hills	Roanoke	VA	1989	04/02/98	166,207	100	%	984,111	Wal-Mart
316	Lakeside Plaza	Salem	VA	1989	04/15/99	82,033	100	%	781,231	CVS, Kroger
317	Lake Drive Plaza	Vinton	VA	2001	02/12/98	148,060	97	%	1,009,934	Big Lots, Goodwill, Kroger

31

	Property Name		City		State	Year Built (1)	Date Acquired	GLA (2)	Percent Leased (3)		ABR		Anchor Tenant (4)	Anchor Tenant Not Owned (4)
318	Hilltop Plaza		Virginia Beach		VA	1998	12/12/02	152,025	96	%	1,186,252		Office Depot, The North Carolina Company
319	Ridgeview Centre		Wise		VA	1990	07/02/92	177,764	100	%	1,212,727		Food City, Kmart	Belk’s
320	Packard Plaza		Cudahy		WI	1992	12/12/02	117,827	89	%	549,303		Aldi, Dunham’s, Jo Ann Fabrics, Merchandise Outlet
321	Northridge Plaza		Milwaukee		WI	1996	12/12/02	142,126	94	%	1,040,378		Big Lots, Circuit City
322	Paradise Pavilion		West Bend		WI	2000	12/12/02	198,419	98	%	1,314,132		Hobby Lobby, Kohl’s	ShopKo
323	Moundsville Plaza		Moundsville		WV	2004	12/27/88	176,446	85	%	1,109,103		Big Lots, Kroger, Peebles
324	Grand Central Plaza		Parkersburg		WV	1986	06/08/88	74,017	100	%	675,261		Office Depot, T.J. Maxx
325	Kmart Plaza		Vienna		WV	1975	02/25/93	106,258	100	%	591,724		Kmart
326	Cheyenne Plaza		Cheyenne		WY	1995	12/12/02	160,150	90	%	950,436		Big Lots, Murdoch’s Ranch & Home Supply	Econofoods, Hobby Lobby
							TOTAL	45,854,279	93	%	$	352,113,911
	Single Tenant Properties
1	Kroger		Muscle Shoals		AL	1982	08/10/93	10,069	100	%	$	60,414
2	Kroger		Muscle Shoals		AL	1982	08/10/93	42,130	100	%	252,780		Big Lots
3	Kroger		Scottsboro		AL	1982	08/10/93	42,130	100	%	217,391
4	Mad Butcher		Pine Bluff		AR	1981	08/10/93	60,842	100	%	288,999
5	Doverama at Rodney		Dover		DE	1959	01/01/69	30,000	100	%	52,500
6	Kmart		Atlantic		IA	1980	01/19/94	40,318	100	%	160,000
7	Socorro		Socorro		NM	1976	03/01/02	48,000	100	%	418,000		Smith’s Food
8	Harveys		Clearfield		PA	1982	08/10/93	31,170	100	%	210,000		Penn Traffic
9	Yarbrough		El Paso		TX	1995	03/01/02	48,000	0	%	—
10	Pizza Hut		Harrisonburg		VA	1969	07/31/96	3,384	100	%	22,755
							TOTAL	356,043	87	%	$	1,682,839
	Enclosed Malls / Specialty Retail Properties
1	Pointe*Orlando		Orlando	FL		1997	11/30/99	461,629	67	%	$	6,833,495	Disney, Foot Locker, Muvico, XS
2	Laurel Mall		Connellsville	PA		1970	05/15/01	336,222	30	%	354,658		Shop ‘n Save
3	Valley Fair Mall		West Valley City	UT		1987	12/31/96	607,075	99	%	4,991,436		JC Penney, Meier & Frank, Mervyn’s
							TOTAL	1,404,926	72	%	$	12,179,589
	Miscellaneous Properties
1	Unity Plaza	East Fishkill		NY		-	04/28/04	LAND	—		—
2	North Central Avenue	Hartsdale		NY		-	07/31/72	LAND	—		—
3	Central Avenue Marketplace	Toledo		OH		-	08/14/90	LAND	—		—
4	Cavitt Office Building	Bryan		TX		2001	03/01/02	13,200	100	%	$	33,132
5	The Centre’ at Navarro	Victoria		TX		-	03/01/02	LAND	—		—
6	Taylorsville	Salt Lake City		UT		-	06/01/99	LAND	—		—
7	Valley Fair Apartments	West Valley City		UT		1975	03/01/97	APTS	—		—
							TOTAL	13,200	100	%	$	33,132
	TOTAL STABILIZED PORTFOLIO							47,628,448	93	%	$	366,009,471
Redevelopment Properties
	Community and Neighborhood Shopping Centers
1	The Mall at 163rd Street (5)	Miami		FL		2004	12/31/98	279,154	70	%	$	1,449,710	Marshalls	Home Depot, Wal-Mart
2	Colonial Marketplace	Orlando		FL		2004	04/01/98	132,049	75	%	580,659		Office Max	Target
3	Merchants Crossing	Newnan		GA		2004	12/12/02	174,059	57	%	670,548		Hastings, Kroger
4	Tinley Park Plaza	Tinley Park		IL		2004	09/20/95	250,017	94	%	1,943,292		T.J. Maxx, Walt’s Food Center
5	Columbus Center	Columbus		IN		2004	12/01/88	146,212	59	%	434,008		Office Max	Target
6	Jasper Manor	Jasper		IN		2004	02/18/92	194,120	85	%	750,502		Holiday Foods, JC Penney, Kmart
7	J*Town Center	Jeffersontown		KY		2004	10/21/88	193,185	42	%	745,898		-
8	Grand Crossing	Brighton		MI		2004	01/03/03	77,956	98	%	676,873		ACO Hardware, VG’S Food
9	Washtenaw Fountain Plaza	Ypsilanti		MI		2004	10/05/92	135,790	76	%	597,462		Dollar Tree, Dunhams, Save-A-Lot
10	Roxboro Square	Roxboro		NC		2004	06/05/95	98,980	88	%	116,070		-
11	Parkway Plaza	Winston-Salem		NC		2004	12/12/02	286,405	97	%	2,338,554		Comfort Home Furniture, Lowes Foods, Office Depot
12	Tinton Falls Plaza	Tinton Falls		NJ		2004	01/30/98	100,582	53	%	759,090		WOW Fitness	A&P

32

	Property Name	City	State	Year Built (1)	Date Acquired	GLA (2)	Percent Leased (3)		ABR		Anchor Tenant (4)	Anchor Tenant Not Owned (4)
13	Dover Park Plaza	Yardville	NJ	2004	01/28/00	58,025	96	%	608,451		CVS
14	Galleria Commons	Henderson	NV	2004	06/09/98	276,460	90	%	2,347,412		Babies R Us, Burlington Coat Factory, Stein Mart, T.J. Maxx
15	Hornell Plaza	Hornell	NY	2004	07/31/98	253,703	97	%	1,753,752		Wal-Mart, Wegmans
16	Shops at Seneca Mall	Liverpool	NY	2004	08/03/93	235,725	93	%	897,031		Kmart
17	Transit Road Plaza	Lockport	NY	2004	08/03/93	143,119	60	%	354,310		Dollar Tree, Grossman’s Bargain Outlet, Save-A-Lot
18	Sunshine Square	Medford	NY	2004	12/12/02	204,047	93	%	1,565,692		Stop & Shop
19	Wallkill Plaza	Middletown	NY	2004	12/12/95	203,234	97	%	1,084,280		ShopRite
20	Mohawk Acres	Rome	NY	2004	01/20/84	170,072	87	%	1,162,250		-
21	Price Chopper Plaza	Rome	NY	2004	08/03/93	78,400	71	%	363,380		Price Chopper
22	Village Center	Smithtown	NY	2004	08/19/04	97,401	99	%	1,107,685		Eckerd
23	Western Village	Cincinnati	OH	2004	05/04/94	143,738	73	%	524,196		-
24	Market Place	Piqua	OH	2004	11/20/91	171,604	92	%	627,435		Kroger
25	Ivyridge	Philadelphia	PA	2004	08/02/95	112,278	76	%	899,033		-
26	Culpepper Plaza	College Station	TX	2004	03/01/02	209,760	88	%	1,471,556		Baskins
27	Friendswood Square	Friendswood	TX	2004	03/01/02	63,439	32	%	236,901		Dollar General
28	Orange Grove	Houston	TX	2004	03/01/02	186,446	97	%	1,141,931		Floor Décor, Office Max
29	Sharpstown Plaza	Houston	TX	2004	03/01/02	43,630	81	%	—		-
30	The Crossing at Fry Road	Katy	TX	2004	03/01/02	225,403	99	%	1,959,714		Hobby Lobby, Kroger, Palais Royal, Stein Mart
31	Tomball Parkway Plaza	Tomball	TX	2004	03/01/02	133,629	98	%	720,931		Palais Royal	Hobby Lobby, TSC Tractor Supply
32	Cave Spring Corners	Roanoke	VA	2004	06/05/97	171,125	51	%	704,887		Kroger
		TOTAL REDEVELOPMENT PROPERTIES				5,249,747	82	%`	$	30,593,493
TOTAL PORTFOLIO						52,878,195	92	%	$	396,602,964

(1) Year of most recent redevelopment or year built if no redevelopment has occurred.

(2) Includes building square footage for ground leases.

(3) Includes all leases in effect at December 31, 2004, including those that are fully executed, but not yet open.

(4) Anchor tenants include 1) major discount stores, 2) major grocers, 3) tenants with square footage greater than 10,000 square feet if the shopping center GLA is less than 125,000 square feet and tenants with square footage greater than 25,000 square feet if the shopping center GLA is greater than 125,000 square feet and 4) tenants with square footage greater than 10 percent of the shopping center GLA, but not less than 5,000 square feet.

(5) Expected GLA when redevelopment is complete.

The above does not purport to disclose all items required under GAAP.

The Company’s Form 10-K for the year ended December 31, 2004 should be read in conjunction with the above information.

33

New Plan Excel Realty Trust, Inc.

Supplemental Disclosure - Quarter Ended December 31, 2004

Summary of Joint Venture Projects

Property Name	City	State	JV Partner				Equity Investment		Percent Ownership	Economic Structure	Project Bank Debt Outstanding		GLA	Percent Leased (1)	ABR		Anchor Tenants	Anchor Tenant Not Owned
UNCONSOLIDATED VENTURES
Arapahoe Crossings, LP
Arapahoe Crossings	Aurora	CO	Foreign investor				$	6,717,808	30%	Increased participation after 10% return	$	49,240,350	466,363	100%	$	6,302,634	Borders, Colorado Theaters, King Soopers, Kohl’s, Linens ‘N Things, Marshalls, Old Navy, Ross
CA New Plan Venture Fund (2)
Stabilized Properties
Villa Monaco	Denver	CO	Major U.S. pension fund				—		—	—	—		122,213	93%	$	1,117,120	King Soopers
Ventura Downs	Kissimmee	FL	Major U.S. pension fund				—		—	—	—		98,191	100%	1,012,460		Publix
Marketplace at Wycliffe	Lake Worth	FL	Major U.S. pension fund				—		—	—	—		133,520	100%	2,210,286		Walgreens, Winn-Dixie
Shoppes of Victoria Square	Port St. Lucie	FL	Major U.S. pension fund				—		—	—	—		95,243	100%	1,043,345		Winn-Dixie
Sarasota Village	Sarasota	FL	Major U.S. pension fund				—		—	—	—		169,310	95%	1,239,527		Big Lots, Homegoods, Gold’s Gym, Publix
Atlantic Plaza	Satellite Beach	FL	Major U.S. pension fund				—		—	—	—		133,070	92%	882,670		Beall’s, Publix
Mableton Walk	Mableton	GA	Major U.S. pension fund				—		—	—	—		105,742	95%	1,045,284		Piccadilly Cafeteria, Publix
Mint Hill Festival	Charlotte	NC	Major U.S. pension fund				—		—	—	—		59,047	98%	566,305		Eckerd, Harris Teeter
Ladera	Albuquerque	NM	Major U.S. pension fund				—		—	—	—		126,012	95%	1,083,505		Brooks, Dollar Tree, Great Wall Buffet
Harwood Central Village	Bedford	TX	Major U.S. pension fund				—		—	—	—		119,742	90%	1,011,246		Kroger
Spring Valley Crossing	Dallas	TX	Major U.S. pension fund				—		—	—	—		101,687	82%	645,225		Albertsons
Odessa-Winwood Town Center	Odessa	TX	Major U.S. pension fund				—		—	—	—		343,603	100%	2,168,243		Hastings, H.E.B., Office Depot, Ross, Target
Ridglea Plaza	Fort Worth	TX	Major U.S. pension fund				—		—	—	—		171,787	99%	1,572,287		Stein Mart, Tom Thumb
Windvale	The Woodlands	TX	Major U.S. pension fund				—		—	—	—		96,088	99%	1,004,232		Randalls
Redevelopment Properties
Stone Mountain Festival	Stone Mountain	GA	Major U.S. pension fund				—		—	—	—		347,217	83%	890,514		Wal-Mart
Marrero Shopping Center	Marrero	LA	Major U.S. pension fund				—		—	—	—		69,259	100%	419,016		Winn-Dixie
Clinton Crossing	Clinton	MS	Major U.S. pension fund				—		—	—	—		26,200	95%	259,436		Blockbuster
					Total	(3)	$	6,962,639	10%	Increased participation after 12%IRR	$	130,037,937	2,317,931	96%	$	18,170,701
NP/I&G Institutional Retail Company, LLC
Riverplace Shopping Center	Jacksonville	FL	JPMorgan Fleming Asset Management				—		—	—	—		257,912	99%	$	2,501,822	Bealls, Sears, Stein Mart, T.J. Maxx
Conyers Crossroads	Conyers	GA	JPMorgan Fleming Asset Management				—		—	—	—		333,250	100%	3,630,827		Carmike Cinemas, Circuit City, Kohl’s, Old Navy
Village Shoppes of Flowery Branch (4)	Flowery Branch	GA	JPMorgan Fleming Asset Management				—		—	—	—		92,985	95%	1,175,395		Publix
Village Shoppes of East Cherokee (4)	Woodstock	GA	JPMorgan Fleming Asset Management				—		—	—	—		128,667	93%	1,937,383		Publix
DSW Plaza at Lake Grove	Lake Grove	NY	JPMorgan Fleming Asset Management				—		—	—	—		251,136	100%	3,955,653		Bally Total Fitness, DSW, Stop & Shop
Skytop Pavilion (4)	Cincinnati	OH	JPMorgan Fleming Asset Management				—		—	—	—		133,631	95%	1,463,727		biggs, Gold’s Gym
				��
					Total		$	12,531,180	20%	Increased participation after 12% IRR	$	115,949,820	1,197,581	98%	$	14,664,807
Preston Ridge
The Centre at Preston Ridge	Frisco	TX	Foreign investor / George Allen / Milton Schaffer				—		25%	Increased participation after 10% return	$	69,316,957	734,448	93%	$	11,855,031	Best Buy, DSW Shoe Warehouse, Linens N Things, Marshalls, Old Navy, Ross, Stein Mart, T.J. Maxx	Target
Undeveloped land parcels (5)	Frisco	TX	George Allen / Milton Schaffer				—		50%	10% preferred return	—		—	—	—		—
					Total		$	5,676,554			$	69,316,957	734,448	93%	$	11,855,031
			Investments in / Advances to Unconsolidated Ventures				$	31,888,181		Total New Plan Pro Rata Share (3)	$	68,295,102	794,830	97%	$	9,604,579

34

Property Name	City	State	JV Partner	Equity Investment	Percent Ownership	Economic Structure	Project Bank Debt Outstanding		GLA	Percent Leased (1)	ABR		Anchor Tenants	Anchor Tenant Not Owned
CONSOLIDATED VENTURES (6)
Benbrooke Ventures
Rodney Village	Dover	DE	Benbrooke Partners	—	50%	8.5% preferred return	—		211,568	93%	$	1,062,525	Farm Fresh, Ollie's Bargain Outlet
Preston Ridge
BPR West (7)	Frisco	TX	George Allen / Milton Schaffer	—	50%	10% preferred return		(8)	—	—	—		—
			Investments in / Advances to Consolidated Ventures	—		Total New Plan Pro Rata Share		(8)	105,784	93%	$	531,263

(1) Includes all leases in effect at December 31, 2004, including those that are fully executed, but not yet open.

(2) AEW serves as the advisor for the joint venture partner.

(3) Percent leased excludes CA New Plan Venture Fund Redevelopment Properties.

(4)  Under agreements with the previous property owners, the Company is receiving payments for certain dark space in an amount equivalent to market rent.

(5) Comprised of approximately 38.6 acres of undeveloped land.

(6) In accordance with the provisions of FIN 46, these properties have been included as a consolidated entity in the Company's balance sheet.  Therefore, the Company's equity investment balance has been eliminated.

(7) Comprised of 12.77 acres of undeveloped land adjacent to an IKEA currently under construction.

(8) As of December 31, 2004, the joint venture had a loan outstanding of approximately $3.7 million, payable to the Company.  This loan was eliminated in consolidation.

The above does not purport to disclose all items required under GAAP.

The Company's Form 10-K for the year ended December 31, 2004 should be read in conjunction with the above information.

35

New Plan Excel Realty Trust, Inc.

Supplemental Disclosure - Quarter Ended December 31, 2004

Joint Venture Projects - Acquisition Activity

Property Name	Property Type (1)	Location	Purchase Date	Purchase Amount		Cap- Rate		NOI (2)		GLA / Acres	Percent Leased (3)		Anchor Tenants	Year Built (4)
1Q 2004
Conyers Crossroads / NP/I&G Institutional Retail Company, LLC	S	Conyers, GA	03/22/04	$	41,125,000	8.0	%	$	3,286,000	333,250	98	%	Carmike Cinemas, Circuit	2000
													City, Kohl's, Old Navy
2Q 2004 (5)
Marrero Shopping Center / CA New Plan Venture Fund (6)	S	Marrero, LA	04/12/04	$	3,675,000	9.3	%	$	342,500	69,259	68	%	Winn-Dixie	2004
BPR West / Preston Ridge	L	Frisco, TX	04/22/04	3,196,358		—		—		12.77 acres	—		—	—
Village Shoppes of East Cherokee / NP/I&G Institutional Retail Company, LLC	S	Woodstock, GA	05/20/04	23,925,000		7.4	%	1,766,000		128,667	100	%	Publix	2003
Total				$	30,796,358	—		$	2,108,500	197,926
3Q 2004
Stone Mountain Festival / CA New Plan Venture Fund (6)	S	Stone Mountain, GA	07/02/04	$	19,500,000	8.5	%	$	1,657,500	347,217	83	%	Wal-Mart	2004
Village Shoppes of Flowery Branch / NP/I&G Institutional Retail Company, LLC	S	Flowery Branch, GA	07/22/04	13,825,000		7.7	%	1,064,525		92,985	95	%	Publix	2002
Total				$	33,325,000	8.2	%	$	2,722,025	440,202
4Q 2004
Riverplace Shopping Center / NP/I&G Institutional Retail Company, LLC	S	Jacksonville, FL	10/08/04	$	34,300,000	6.7	%	$	2,282,600	257,912	99	%	Bealls, Sears, Stein Mart, T.J. Maxx	1989
Skytop Pavilion / NP/I&G Institutional Retail Company, LLC	S	Cincinnati, OH	11/22/04	20,292,480		7.5	%	1,512,246		133,631	95	%	biggs, Gold's Gym	1999
Total				$	54,592,480	7.0	%	$	3,794,846	391,543
		2004 Total Acquisitions		$	159,838,838	—		$	11,911,371	1,362,921

(1) L- Land, S - Shopping Center

(2) Projected NOI for the twelve-month period following the closing date of acquisition.

(3) As of closing date of acquisition.

(4) Year of most recent redevelopment or year built if no redevelopment has occurred.

(5) On June 1, 2004, the Company transferred 90 percent of its ownership interest in Villa Monaco to CA New Plan Venture Fund.

(6) Property currently under redevelopment.  Cap-rate and NOI calculated on stabilized basis.

The above does not purport to disclose all items required under GAAP.

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New Plan Excel Realty Trust, Inc.

Supplemental Disclosure - Quarter Ended December 31, 2004

Joint Venture Projects - Disposition Activity

Property Name	Property Type (1)	Location	Transaction Description	Sale Date	Proceeds Amount		Book Value		Gain / (Loss)					Cap- Rate		NOI (2)			GLA	Percent Leased (3)		Year Built (4)
1Q 2004
Fruitland Plaza / Benbrooke Ventures	S	Fruitland, MD	Sale of property	01/08/04	$	4,100,000	$	4,950,000	$	(850,000			)	10.6	%	$	433,000		104,095	71	%	2001
2Q 2004
Raymond Road / CA New Plan Venture Fund	S	Jackson, MS	Sale of property	05/19/04	$	3,425,000	$	3,389,866	$		35,134			9.8	%	$	335,559		62,345	98	%	1982
			��
			2004 Total Dispositions		$	7,525,000	$	8,339,866	$			(814,866	)	10.2	%	$		768,559	166,440

(1) S - Shopping Center

(2) Projected recurring property NOI as of closing date of sale.

(3) As of closing date of sale.

(4) Year of most recent redevelopment or year built if no redevelopment has occurred.

The above does not purport to disclose all items required under GAAP.

37